Multiple Choice
A result of welfare economics is that the equilibrium price of a product is considered to be the best price because it
A) maximizes total revenue for firms and maximizes the quantity supplied of the product.
B) maximizes the combined welfare of buyers and sellers.
C) minimizes costs and maximizes profits of sellers.
D) minimizes the level of welfare payments to those who no longer live below the poverty line.
Correct Answer:
Verified
Correct Answer:
Verified
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