When a Market Is in Equilibrium

question 11

Multiple Choice

When a market is in equilibrium,

• A)total surplus is maximized.
• B)the market is efficient.
• C)total well being of all participants in the market is as high as possible.
• D)All of these are true.

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Definitions:

Homogamy

The tendency of like to mate with like.

Darley and Batson

Researchers known for their study on the "Good Samaritan" behavior, examining the effects of situational variables on helping behavior.

Good Samaritan

A person who altruistically helps others, especially strangers, in emergency situations without expecting any form of reward.

Diffusion of Responsibility

A sociopsychological phenomenon where individuals are less likely to take action or feel a sense of responsibility when others are present.