Which of the following is the correct way to describe equilibrium in a market?
A. At equilibrium, demand equals supply.
B. At equilibrium, quantity demanded equals quantity supplied.
C. At equilibrium, market forces no longer apply.
D. At equilibrium, scarcity is eliminated.
Answer:B
Which of the following is the correct way to describe equilibrium in a market?
A. At equilibrium, demand equals supply. B. At equilibrium, quantity demanded equals quantity supplied. C. At equilibrium, market forces no longer apply. D. At equilibrium, scarcity is eliminated.