A long run equilibrium occurs when long run aggregate supply and aggregate demand meet. what does having long run equilibrium indicate about a society?

a. the societys supply and demand have stagnated

b. the society is using all of its resources efficiently

c. the societys needs are being fully met

d. the society is not using all of its resources effectively

Question

History

Kayla Castillo

15 March, 08:13

A long run equilibrium occurs when long run aggregate supply and aggregate demand meet. what does having long run equilibrium indicate about a society?

a. the societys supply and demand have stagnated

b. the society is using all of its resources efficiently

c. the societys needs are being fully met

d. the society is not using all of its resources effectively

+2

Answers (2)

Know the Answer?

Maverick · Answer 1

B) The society is using all of its resources efficiently.

Makhi Mills · Answer 2

Answer

B. Society is using all of its resources efficiently

Explanation

A market will reach the state of equilibrium if the amount of products being supplied equals the demands in the market. There will no abundance/leftovers product lying around in the market thus it will show that the society has been using their resources efficiently. Equilibrium means that there is a balance between two forces, in this case the society and its resources.