[Answer] Which of the following correctly defines the term “equilibrium”?A) It refers to analysis that uses data to arrive at conclusions.B) It refers to a situation where all agents are simultaneously optimizing.C) It refers to an optimizing decision made by an individual economic agent.D) It refers to government intervention that efficiently allocates scarce resources.

Answer: B) It refers to a situation where all agents are simultaneously optimizing.
Which of the following correctly defines the term “equilibrium”?A) It refers to analysis that uses data to arrive at conclusions.B) It refers to a situation where all agents are simulta…

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