Multiple Choice
Economic efficiency in a competitive market is achieved when
A) economic surplus is equal to consumer surplus.
B) consumers and producers are satisfied.
C) the marginal benefit equals the marginal cost from the last unit sold.
D) producer surplus equals the total amount firms receive from consumers minus the cost of production.
Correct Answer:
Verified
Correct Answer:
Verified
Q166: Figure 4-6<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Figure 4-6
Q167: Marginal cost is the additional cost to
Q168: Table 4-1<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Table 4-1
Q169: Consumers are willing to purchase a product
Q170: If the market price is at equilibrium,
Q172: The sum of consumer surplus and producer
Q173: Economic efficiency is a market outcome in
Q174: Table 4-5<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Table 4-5
Q175: Figure 4-1<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Figure 4-1
Q176: The government proposes a tax on imported