Which statement is TRUE? a. The concept of equilibrium requires that all individuals have an equal amount of income. b. If a market is in equilibrium, there will be no remaining opportunities for individuals to make themselves better off. c. A market is in equilibrium when the number of buyers is equal to the number of sellers. d. If a market is in equilibrium, the price in that market will not fluctuate by more than 5%.

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23 September, 17:38

Which statement is TRUE? a. The concept of equilibrium requires that all individuals have an equal amount of income. b. If a market is in equilibrium, there will be no remaining opportunities for individuals to make themselves better off. c. A market is in equilibrium when the number of buyers is equal to the number of sellers. d. If a market is in equilibrium, the price in that market will not fluctuate by more than 5%.

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Holly Graves · Answer 1

b. If a market is in equilibrium, there will be no remaining opportunities for individuals to make themselves better off

Explanation:

Equilibrium refers to a state of rest. Market equilibrium refers to a situation wherein quantity demanded of a product equals quantity supplied of that product.

Market equilibrium only gets disrupted when factors affecting demand other than the price changes which leads to either increase/decrease in demand or increase/decrease in supply.

At the equilibrium level, the possibility of individuals making themselves better off get wiped out.