When Supply and Demand Are in Equilibrium, the Price of a Good

question 77

Multiple Choice

When supply and demand are in equilibrium, the price of a good is:

• A) greater than the marginal utility of the good.
• B) equal to the marginal utility of the good.
• C) less than the marginal utility of the good.
• D) not necessarily any of the above.

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Definitions:

NC Fixed Contact

Refers to the normally-closed fixed contact in a relay or switch, which is closed (conducting) in its default state and opens when activated.

Relay

An electrical device that opens or closes circuits electromechanically or electronically based on input signals.

Digital Sensors

Devices that convert physical information into digital signals for measurement, processing, or communication purposes.

Discrete Sensors

Sensors that detect and respond to changes in physical conditions with discrete output, such as on/off states, used in automation and control systems.