In General (And in the Absence of Market Failures),economic Surplus

question 24

Multiple Choice

In general (and in the absence of market failures) ,economic surplus will be maximized and economic efficiency will be achieved

• A)when consumers and producers can agree on the most advantageous division of economic surplus.
• B)when the government successfully determines what is best for society as a whole.
• C)when the government is able to impose an equilibrium price.
• D)in a competitive market where price is free to achieve its market- clearing equilibrium level.
• E)when resources are allocated such that production of the good is maximized.

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Definitions:

Gender Bias

Prejudicial treatment or perceptions based on an individual's gender, often resulting in unequal opportunities and outcomes.

Machiavellian

Characterized by cunning, scheming, and unscrupulous behavior, especially in politics or in advancing one's career.

Con Artists

Individuals specializing in deceit or fraud to gain financial or personal advantages.

Persuasive

Capable of convincing others to believe or do something through reasoning or the use of temptation.