Multiple Choice
Which of the following is true of equilibrium?
A) Equilibrium refers to a situation where the government allocates resources among economic agents.
B) Equilibrium refers to a situation where all economic agents simultaneously optimize after considering one another's actions.
C) Equilibrium refers to a situation where all economic agents are making suboptimal choices and have an incentive to change their behavior.
D) Equilibrium refers to a situation where an economic agent can be made better off without making anyone else worse off.
Correct Answer:
Verified
Correct Answer:
Verified
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