Which of the Following Is the Best Way to Describe

question 354

Multiple Choice

Which of the following is the best way to describe equilibrium in a market? At equilibrium, the

• A) price is the lowest possible.
• B) price is usually affordable to most people.
• C) supply and demand curves can never shift again.
• D) quantity supplied equals the quantity demanded.

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Definitions:

Managerial

Pertaining to the activities, responsibilities, and skills involved in managing an organization.

Production

The process of creating goods or services by combining various inputs such as labor, materials, and technology to meet consumer demand.

Technical

Relating to the practical application of scientific knowledge, especially in industrial or commercial objectives, often requiring specific expertise.

Marketing

The process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods, services, or information.