2. Which of the following describes an equilibrium situation? Which does not? Explain your answer.

a. The restaurants across the street from the university dining hall serve better -tasting and cheaper meals than those served at the university dining hall. The vast majority of students continue to eat at the dining hall.

b. You currently take the subway to work. Although taking the bus is cheaper, the ride takes longer. So you are willing to pay the higher subway fare in order to save time