Question

what do economists mean by market equilibrium? a. a condition where a good is no longer scarce. b. a market outcome where quantity supplied is equal to quantity demanded. c. a condition where a good is abundantly available.

Explanation:

Market equilibrium in economics occurs when the quantity of a good supplied is equal to the quantity demanded. When this happens, there is no tendency for the price or quantity to change in the absence of external shocks. Option A is incorrect as scarcity is a fundamental economic problem and goods are not generally non - scarce at equilibrium. Option C is incorrect as abundance is not the definition of market equilibrium.

Answer:

B. A market outcome where quantity supplied is equal to quantity demanded.