A Product Market Is in Equilibrium

question 148

Multiple Choice

A product market is in equilibrium

• A) whenever there is no surplus of the product.
• B) whenever there is no shortage of the product.
• C) when consumers want to buy more of the product than producers offer for sale.
• D) where the demand and supply curves intersect.

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Definitions:

Probability

The evaluation of how probable an event is, shown as a numerical value between 0 and 1, where 0 stands for the event being impossible and 1 representing absolute certainty of the event occurring.

Sample Mean

The sample mean is the average value of a sample set of numbers, calculated by dividing the sum of all values in the sample by the number of values.

Standard Deviation

A quantification of the variability or scattering of data points within a dataset.

Population Mean

The average value of a characteristic in a population, calculated by summing all values and dividing by the total number of observations.