Dynamic Equilibrium Can Be Defined as

question 26

Multiple Choice

Dynamic equilibrium can be defined as

• A) rate of dissolution = rate of deposition.
• B) rate of dissolution < rate of deposition.
• C) rate of dissolution > rate of deposition.
• D) rate of bubbling > rate of dissolving
• E) rate of condensing > rate of bubbling

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Definitions:

Average Variable Cost

The total variable cost divided by the number of units produced.

Long-run Supply Curve

A graphical representation showing the relationship between price and quantity supplied over a period long enough for all inputs to be adjusted.

Short-run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that producers are willing to supply in the short run.

Elasticity

A measure of how responsive the demand or supply of a product or service is to changes in price or other factors.