Define Dynamic Equilibrium

question 16

Multiple Choice

Define dynamic equilibrium.

• A) no reactants react
• B) no products are formed
• C) the rate of the forward reaction is faster than the rate of the reverse reaction
• D) the rate of the reverse reaction is faster than the rate of the forward reaction
• E) the rate of the forward reaction equals the rate of the reverse reaction

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Definitions:

Price

The sum of money needed to buy a product or service.

Utility Function

A mathematical representation expressing an individual's preference ordering over a set of goods and services, showing the level of satisfaction or utility derived from various bundles of goods.

Indifference Curves

A graph representing combinations of goods among which a consumer is indifferent, used in microeconomics to analyze consumer preferences and decision-making.

Budget Line

A visual representation showing every possible mix of two products that a consumer is able to purchase with their income, taking into account the cost of these items.