When a Market Is in Equilibrium

question 37

Multiple Choice

When a market is in equilibrium:

• A)a person could do better if he or she did something different.
• B)people have exploited all opportunities to make themselves better off.
• C)government has directed the market in such a way as to achieve this point.
• D)markets are not working efficiently.

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Definitions:

Freshmen

First-year students in a high school, college, or university.

Probability

A quantification of the probability of an event happening, indicated by a value ranging from 0 to 1, with 0 meaning the event cannot happen and 1 meaning the event is certain to happen.

Standard Deviation

A statistic that measures the dispersion or variability of a dataset relative to its mean, indicating how spread out the values are.

Simple Random Sample

An evenly selected portion of a wider population, with each participant having an equal opportunity to be chosen.