-In the Above Table, If the Market Is Perfectly Competitive

question 141

Multiple Choice

-In the above table, if the market is perfectly competitive and unregulated, at the equilibrium output level

• A) resource allocation is efficient.
• B) resource allocation is inefficient.
• C) too many units of output are produced.
• D) consumers pay too low a price.

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Definitions:

Corn Market

An agricultural marketplace where corn is traded between producers and consumers. This market is influenced by factors like weather conditions, government policies, and global demand.

Consumers

Individuals or groups who purchase goods and services for personal use.

Supported Corn Price

A predetermined price set by a government or other body to stabilize or support the market price of corn.

Surplus

An excess of supply over demand in a market, leading to lower prices, or a situation where income or revenue exceeds expenditures.