Question

a long run equilibrium occurs when long run aggregate supply and aggregate demand meet. what does having long run equilibrium indicate about a society?
a. the societys supply and demand have stagnated
b. the society is using all of its resources efficiently
c. the societys needs are being fully met
d. the society is not using all of its resources effectively

Answer 1

Answer

B. Society is using all of its resources efficiently

Explanation

A market will reach the state of equilibrium if the amount of products being supplied equals the demands in the market. There will no abundance/leftovers product lying around in the market thus it will show that the society has been using their resources efficiently. Equilibrium means that there is a balance between two forces, in this case the society and its resources.

Answer 2

The situation of having a long run equilibrium in a society indicates that it is using all of its resources efficiently.

What is Equilibrium?

Equilibrium refers to when there is a balance between two forces which is the society and its resources.

The market  reach the state of equilibrium if the amount of products being supplied equals the demands in the market.

Therefore, the Option B is correct.

Read more about market equilibrium

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