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If There Are No External Costs or Benefits, No Price

Question 273

Multiple Choice

If there are no external costs or benefits, no price or quantity regulations, no taxes or subsidies, and the good is not a public good or a common resource, then efficiency is


A) achieved when a monopoly produces the good.
B) achieved when the good is produced in a competitive market.
C) achieved when the amount of output exceeds the amount produced in a competitive market.
D) unrelated to the amount produced in a competitive market.

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