When a Market Is Not in Equilibrium

question 26

Multiple Choice

When a market is not in equilibrium:

• A)total surplus is not maximized.
• B)there are no exchanges that can make some better off without someone becoming worse off.
• C)the market is efficient.
• D)All of these are true.

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Definitions:

Teamwork

Collaborative effort of a group to achieve a common goal or complete a task in the most effective and efficient way.

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Refers to the basic principles, concepts, or practices that serve as the foundation of a subject, skill, or activity.

Bucket

A cylindrical container used for carrying liquids or other materials; metaphorically, a category or area of consideration.

Theory

A set of principles on which the practice of an activity is based.