Which of the following is true of equilibrium?
A) Equilibrium refers to a situation where an economic agent can be made better off without making anyone else worse off.
B) Equilibrium refers to a situation where the government allocates resources among economic agents.
C) Equilibrium refers to a situation where all economic agents are making sub-optimal choices and have an incentive to change behavior.
D) Equilibrium refers to a situation where all economic agents simultaneously optimize after considering each other's actions.
D
You might also like to view...
When the Fed buys U.S. government securities from a bank, that bank's excess reserves and required reserves increase but total reserves decrease
a. True b. False Indicate whether the statement is true or false
Of the following high-income countries, which has the lowest infant mortality rate?
A) Canada B) Japan C) the United Kingdom D) the United States