A Market Is in Equilibrium

question 192

Multiple Choice

A market is in equilibrium

• A) provided there is no surplus of the product.
• B) at all prices above that shown by the intersection of the supply and demand curves.
• C) if the amount producers want to sell is equal to the amount consumers want to buy.
• D) whenever the demand curve is downsloping and the supply curve is upsloping.

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Definitions:

Evolution

A scientific theory explaining the process through which species change over time through natural selection, genetic variation, and other mechanisms.

Prohibition

The legal act of prohibiting the manufacture, transportation, and sale of alcohol, most notably implemented in the United States from 1920 to 1933.

Republicans

A political party in the United States that traditionally champions conservative ideologies, including limited government, lower taxes, and a free-market economy.

Northern Democrats

A faction of the Democratic Party in the United States before the Civil War, mainly based in the North, known for their diverse views on slavery.