Equilibrium Exists When

question 161

Multiple Choice

Equilibrium exists when:

• A) output is distributed equitably.
• B) scarcity is eliminated.
• C) an individual would be better off taking a different action.
• D) no individual has an incentive to change his or her behaviour.

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Definitions:

Cultures

The shared practices, values, beliefs, institutions, and objects of groups of people that are passed down from generation to generation.

Infants

Very young children, especially those under one year of age, who are in the early stages of development.

Syntax

The set of rules that govern the structure of sentences in a language, dictating how words are combined to convey meaning.

Declarative Sentence

A type of sentence that makes a statement or assertion, often used to convey information or express an opinion.