In Competitive Equilibrium,which of the Following Statements Is False

question 19

Multiple Choice

In competitive equilibrium,which of the following statements is false?

• A)Marginal social benefit equals marginal social cost.
• B)Willingness to pay equals marginal cost of production.
• C)The sum of consumer surplus and producer surplus is maximized.
• D)Deadweight loss is maximized.
• E)Resources are used efficiently to produce goods and services that people value most highly.

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Definitions:

Troposphere

The lowest layer of Earth's atmosphere, where all weather takes place, extending up to about 10 kilometers (6 miles) from the surface.

Stratosphere

The layer of the Earth's atmosphere above the troposphere, ranging approximately from 10 to 50 kilometers in altitude, known for its ozone layer that absorbs most of the sun's ultraviolet radiation.

Earth Layers

The division of Earth's structure into distinct layers, including the crust, mantle, outer core, and inner core, each with its unique composition and physical properties.

Bedrock

The solid rock layer beneath surface soils or sediments, serving as a foundation for the Earth's landscape.