An economic situation is in equilibrium when no individual would be better off taking a different action.

Question

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An economic situation is in equilibrium when all parties involved have reached a state of balance and no one can improve their situation without someone else being worse off. In other words, no individual can take a different action to improve their own situation without creating a negative impact on someone else. Therefore, no individual would be better off taking a different action in an equilibrium situation.

An Economic Situation Is in Equilibrium When No Individual Would