Which of the following statements is TRUE? Group of answer choices a.A market is in equilibrium...

Which of the following statements is TRUE?

Group of answer choices

a.A market is in equilibrium when the number of buyers equals to the number of sellers

b.In a free market system, markets (composed of large numbers of buyers and sellers) eventually reach equilibrium price and quantity

c.The concept of equilibrium requires that all individuals have an equal amount of income

d.The free market system creates a result that is both efficient and fair to everyone

Expert Solution

Ans.- (B)

In a free market system, prices for goods and services are set according to the supply and demand which automatically leads the market to an equilibrium outcome. There is no government intervention in a free market that's why its called free market.

Rahul Sunny answered 2 years ago

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