Economists Use the Term Equilibrium to Describe Situation When

question 133

Multiple Choice

Economists use the term equilibrium to describe situation when:

• A) individuals are equal.
• B) goods are distributed equitably.
• C) there are equal number of buyers and sellers.
• D) no individual would be better off taking a different action or no individual has an incentive to change his or her behaviour.

---

Definitions:

Inexpensive

Referring to something that does not cost a lot of money; affordable.

Online

Pertaining to activities, interactions, or services that are conducted or available through the internet.

Life Values

Fundamental beliefs or principles that guide an individual's behavior and decision-making process.

General Values

A broad range of values besides those associated with job success.