Figure 7-24 -Refer to Figure 7-24.The Equilibrium Allocation of Resources Is

Multiple Choice

Figure 7-24
-Refer to Figure 7-24.The equilibrium allocation of resources is

A) efficient because total surplus is maximized at the equilibrium.
B) efficient because consumer surplus is maximized at the equilibrium.
C) inefficient because consumer surplus is larger than producer surplus at the equilibrium.
D) inefficient because producer surplus is not maximized.