What is equilibrium?

Question

A. A good for which, other things equal, an increase in income leads to an increase in demand
B. A situation in which the price has reached the level where quantity demanded equals quantity supplied***
C. A curved graph that illustrates the theory that, if tax rates rise beyond a certain level, they discourage economic growth, thereby reducing government revenues
D. A tax on goods produced abroad and sold domestically

Answer 1

I agree.

Answer 2

Thank you! I have to turn in this assignment by midnight and that was my last question!

Answer 3

You're welcome. :-)\