Simplify reality and focus our attention

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Reference no: EM1353059

Q. Assumptions make the world easier to understand because they simplify reality and focus our attention?

Q. Which of the following statements is true?

Choose one answer.

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

b. If equilibrium in a market exists, then the price in that market will not fluctuate by more than 5%.

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

d. Equilibrium in a market will exist when the number of buyers is equal to the number of sellers.

Reference no: EM1353059

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