If Equilibrium Is Achieved in a Competitive Market, Then

question 124

Multiple Choice

If equilibrium is achieved in a competitive market, then

• A)there is no deadweight loss.
• B)the deadweight loss will be maximized.
• C)the deadweight loss will equal the sum of consumer surplus and producer surplus.
• D)the deadweight loss will be the same as the opportunity cost of the last unit of output sold.

---

Definitions:

Cause-And-Effect

refers to a relationship between events or variables, where one is the result of the other or others.

Computer Ownership

The state or fact of owning a computer, indicating possession and responsibility for the hardware.

Life Expectancy

The average period that an individual is expected to live, based on statistical averages of age, gender, and other factors.

Lurking Variable

A variable that is not directly measured or included in a study but can affect the relationship between the studied variables.