Multiple Choice
Which of the following statements about equilibrium is true?
A) The positive and the normative attributes of equilibrium are similar.
B) The equilibrium price fails to redistribute goods in accordance to individual valuations.
C) Equilibrium refers to a state of complete happiness or fairness.
D) In equilibrium there are neither surpluses nor shortages.
Correct Answer:
Verified
Correct Answer:
Verified
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