According to the Equilibrium Principle

question 93

Multiple Choice

According to the equilibrium principle:

• A)unregulated markets tend to reach equilibrium prices and quantities without government regulation.
• B)once a market has reached equilibrium, price will not change.
• C)collective action cannot improve on individual action.
• D)market equilibrium exploits all opportunities for individual gain, but may not exploit gains possible through collective action.

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Definitions:

Instrumental Values

Values based on the usefulness or practical utility of an object, idea, or action, often viewed in terms of means to an end.

Planetary Management

Strategies and practices aimed at managing Earth's resources and environments in a way that supports continued human survival and prosperity.

Economic Growth

The increase in the production of goods and services in an economy over a period of time, often measured by the rise in GDP (Gross Domestic Product).

Ecological Footprint

A measure of human demand on Earth's ecosystems, quantifying the amount of natural resources consumed relative to Earth's capacity to regenerate them.