Multiple Choice
If the current allocation of resources in the market for hammers is inefficient,then it must be the case that
A) producer surplus exceeds consumer surplus in the market for hammers.
B) consumer surplus exceeds producer surplus in the market for hammers.
C) the sum of consumer surplus and producer surplus could be increased by moving to a different allocation of resources.
D) the costs that sellers of hammers are incurring could be reduced by moving to a different allocation of resources.
Correct Answer:

Verified
Correct Answer:
Verified
Q71: Total surplus is<br>A)equal to consumer surplus minus
Q72: Figure 7-23 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 7-23
Q73: Suppose that Firms A and B each
Q74: Figure 7-26 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 7-26
Q75: Hot dogs and hot dog buns are
Q78: Figure 7-27 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 7-27
Q79: Efficiency is attained when<br>A)total surplus is maximized.<br>B)producer
Q80: Figure 7-21 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 7-21
Q81: Figure 7-24 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 7-24
Q148: The distinction between efficiency and equality can