12
QuizMultiple Choice

Elasticity and Incentives

Question 12 • (Galli)WCA 2221 Civics/Economics 1st nine weeks 26-27

Equilibrium is defined when

Answer
A
supply is limited and demand decreases.
B
supply and demand meet.
C
demand is higher than supply.
D
supply is higher than demand.

Explanation

Market equilibrium occurs when the quantity supplied equals the quantity demanded at a given price. On a supply-and-demand graph, this is the point where the two curves meet, so choice B is correct.

AI-written and checked against the verified answer.

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