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:

Banjo Housing

A type of housing for a differential or axle assembly that resembles a banjo in shape, allowing for the drive shaft to connect at a perpendicular angle.

Tandem Axle Configurations

A vehicle setup where two axles are placed close to each other to support a heavier load.

Single-speed

Refers to mechanisms or vehicles operating with only one gear ratio, without the ability to shift gears.

Two-speed

Describes a mechanism, such as a gearbox, with two operating speeds, allowing for a shift in performance or efficiency depending on the requirement.