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:

Biography

A detailed description or account of someone's life, documenting various aspects of their personal and professional experiences, achievements, and challenges.

Sociological Perspective

The view that looks at behavior of groups, not individuals, emphasizing the cultural, economic, and political context that shapes society and individual actions.

Individuals' Understanding

The unique comprehension or perception that a person has towards particular concepts, situations, or phenomena based on their knowledge and experiences.

Biographies

Written accounts of individual lives, showcasing personal and professional experiences.