Economists Use the Term Equilibrium to Describe When

question 214

Multiple Choice

Economists use the term equilibrium to describe when:

• A)individuals are equal.
• B)no individual would be better off taking a different action.
• C)no individual has an incentive to change his or her behavior.
• D)no individual would be better off taking a different action or no individual has an incentive to change his or her behavior.

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Definitions:

College Education

A program of study offered by colleges and universities that leads to a degree or certificate.

Lump Sum

A one-time payment executed at a specific moment, unlike several payments spread out over time.

Funds

Financial resources that are allocated for a specific purpose, such as investment or operational costs.

Lump Sum

A single payment made at a particular time, in contrast to multiple payments made over time.