All of the Following Contribute to the Attainment of Efficiency

question 158

Multiple Choice

All of the following contribute to the attainment of efficiency in a competitive market except

• A)marginal benefit equals marginal cost because of the establishment of market equilibrium
• B)every consumer maximizes his or her utility.
• C)every producer seeks to get the minimum price he or she is willing to accept.
• D)every consumer consumes to the point where price equals marginal benefit.
• E)every firm produces to the point where price equals marginal cost.

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Definitions:

Volkswagen

A German automotive manufacturer known for producing a range of vehicles, including the iconic Beetle, and facing emissions testing scandals.

RFP Stage

The phase in procurement where a Request for Proposal (RFP) is issued to invite bids from potential vendors for a project or service.

Invite Suppliers

The process of asking various suppliers to participate in a bidding process or to propose their goods for procurement.

Product Specifications

A detailed description of the technical aspects, features, and constraints of a product.