Which of the Following Statements Is TRUE

question 148

Multiple Choice

Which of the following statements is TRUE?

• A)The concept of equilibrium requires that all individuals have an equal amount of income.
• B)If a market is in equilibrium, the price in that market will not fluctuate by more than 5%.
• C)If a market is in equilibrium, there will be no remaining opportunities for individuals to make themselves better off.
• D)A market is in equilibrium when the number of buyers is equal to the number of sellers.

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Definitions:

Retroactively

Applying to actions, events, or decisions that have already occurred, often involving changes to laws or regulations that affect past behaviors or situations.

Planning Fallacy

A cognitive bias that causes people to underestimate the time, costs, and risks of future actions and overestimate the benefits.

Behind Schedule

Referring to a situation where a project or task takes longer to complete than originally planned or expected.

Major Construction Projects

Large-scale construction undertakings that typically involve significant investment and complexity, often related to infrastructure.