When a Market Is Not in Equilibrium

question 83

Multiple Choice

When a market is not in equilibrium:

• A)total surplus can be increased by a change in market price.
• B)the market is not efficient.
• C)there are exchanges that can make some better off without someone becoming worse off.
• D)All of these are true.

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Definitions:

Obsolescence

The process of becoming outdated or no longer used, often due to advancements in technology or changes in consumer preferences.

Warehousing

The act of storing goods that will be sold or distributed later, involving a wide range of activities including holding, handling, and managing inventory.

Airfreight

The transportation of goods by aircraft, often used for moving high-value or time-sensitive products over long distances quickly.

Accessibility

The ease with which people can reach, enter, or access a place, product, or service, often considering those with disabilities.