The Diagram Below Shows the Demand and Supply Curves in a Perfectly

question 13

Multiple Choice

The diagram below shows the demand and supply curves in a perfectly competitive market.
FIGURE 12- 5
-Refer to Figure 12- 5.Allocative efficiency occurs

• A)at price P1 and output Q3.
• B)at output level Q3.
• C)at output level Q1.
• D)at price P2 and output Q2.
• E)where the areas 1,2,3,and 4 are maximized.

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