Answer: CORRECT ANSWER IS OPTION C (MAXIMIZED THE COMBINED WELFARE OF BUYERS AND SELLERS).
EXPLANATION:
The equilibrium price or market-clearing price is referred to as the price when the market is at equilibrium (or the same) i.e quantity demanded (the amount of the product that consumers is willing to buy) equals quantity supplied (i.e the amount of product the producers want to sell). Hence, the agreed quantity is termed as the equilibrium quantity.
Therefore, when there is equilibrium of supply and demand (i.e market equilibrium), it maximizes the total benefits to buyers and sellers participating in that market. Both the buyer and the seller gain at this market structure with no loss end.
Answer:
(B)
I might not give a lot of credibility to the study because of possible "generalizability" limitations.
Explanation:
Generalizability is the extent to which the findings from an experiment in a particular setting can be applied to a different setting.
According to generalizability theory, the larger a sample population is, the more results from an experiment using that sample can be generalized.
Therefore a study that obtained its sample only from Caucasian subjects from Seattle, could have "generalizability" limitations.
I'm not so sure if this is correct, but I'm going with king.
Grover Cleveland was the 22nd president