Efficiency in a Market Is Achieved When

question 216

Multiple Choice

Efficiency in a market is achieved when

• A)a social planner intervenes and sets the quantity of output after evaluating buyers' willingness to pay and sellers' costs.
• B)the sum of producer surplus and consumer surplus is maximized.
• C)all firms are producing the good at the same low cost per unit.
• D)no buyer is willing to pay more than the equilibrium price for any unit of the good.

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Definitions:

Disrespect

The act of showing a lack of courtesy, consideration, or regard for someone or something.

Isolation

A state of separation from others; can be physical, social, or emotional, often leading to feelings of loneliness and disconnection.

Self-destructive Behavior

Actions or patterns of behavior that are harmful or potentially harmful towards oneself.

Economic Hardship

A financial situation in which it is difficult to meet basic needs such as housing, food, and healthcare.