Ask Question
28 June, 08:31

Which statement is TRUE? a. The concept of equilibrium requires that all individuals have an equal amount of income. b. If a market is in equilibrium, there will be no remaining opportunities for individuals to make themselves better off. c. A market is in equilibrium when the number of buyers is equal to the number of sellers. d. If a market is in equilibrium, the price in that market will not fluctuate by more than 5%.

+2
Answers (1)
  1. 28 June, 08:51
    0
    b. If a market is in equilibrium, there will be no remaining opportunities for individuals to make themselves better off

    Explanation:

    Equilibrium refers to a state of rest. Market equilibrium refers to a situation wherein quantity demanded of a product equals quantity supplied of that product.

    Market equilibrium only gets disrupted when factors affecting demand other than the price changes which leads to either increase/decrease in demand or increase/decrease in supply.

    At the equilibrium level, the possibility of individuals making themselves better off get wiped out.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Which statement is TRUE? a. The concept of equilibrium requires that all individuals have an equal amount of income. b. If a market is in ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers