A Market Is in Equilibrium When

question 18

Multiple Choice

A market is in equilibrium when

• A)supply is equal to demand.
• B)the price is adjusting upward.
• C)the quantity supplied is equal to the quantity demanded.
• D)tastes and preference remain constant.

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Definitions:

Statement of Owner's Equity

A financial document that shows the changes in the equity of a company's owner over a period of time.

Fiscal Period

A specific timeframe, often one year, used by businesses for accounting purposes and preparing financial reports.

Accounting Period

A specific duration of time in which financial transactions are recorded and financial statements are prepared, commonly a year or a month.

Calendar Year

A one-year period that begins on January 1 and ends on December 31, used for general reporting and taxation purposes.