Will Equilibrium in a Market Always Result in an Outcome

question 51

Essay

Will equilibrium in a market always result in an outcome that is economically efficient? Explain.

---

Definitions:

Free-play Time

unstructured periods of time where children engage in play of their own choosing without specific goals or direct adult involvement.

Flow State

A psychological condition where an individual completely engages in an activity with intense concentration, complete participation, and pleasure.

Explicit Motives

Explicit motives are conscious or verbalized goals that drive an individual's actions towards achieving specific outcomes.

Love And Belonging

A fundamental human need to form and maintain intimate relationships, feel part of a group, and be accepted by others.