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:

Formal Group

An officially recognized collective that is supported by the organization.

Audit Unit

A specific department or team within an organization responsible for evaluating the accuracy of financial records and operations.

Customer Service

encompasses the support and advice provided by a company to those people who buy or use its products or services.

Synergy

The cooperation or interplay between two or more entities, materials, or forces, resulting in a combined outcome that surpasses the total effects of each one operating independently.