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Q. |
Equilibrium is a condition that can - |
A. | never change |
B. | change only if some outside factor changes |
C. | change only if some internal factor changes |
D. | change only if government policies change |
Answer» C. change only if some internal factor changes | |
Explanation: In economics, economic equilibrium is a state of the world where economic forces are balanced and in the absenceof external influences the (equilibrium) values of economic variables will not change. For example, in the standard text-book model of perfect competition, equilibrium occurs at the point, at which quantity demanded and quantity supplied is equal. Equilibrium can change if there is a change in demand or supply conditions which arc internal factor changes. |
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