Market Equilibrium Occurs When

question 106

Multiple Choice

Market equilibrium occurs when

• A) all markets become equal.
• B) the quantity demanded equals the quantity supplied.
• C) opposing forces pull demand and supply apart.
• D) demand and supply move in opposite direction.
• E) demand and supply change so that they are equal at all possible prices.

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Definitions:

Liquidated Damage

An amount of money, agreed upon by parties in a contract, to be paid as compensation by one party to the other in the event of a breach of contract.

Approximation

The process of finding a value that is close enough to the right answer, usually within an acceptable margin of error.

Avoid a Contract

To legally cancel or nullify a contract, effectively acting as though the contract never existed.

Delaying

The act of postponing or putting off actions, decisions, or events to a later time.