A Market Is Allocatively Efficient If

question 142

Multiple Choice

A market is allocatively efficient if

• A) the sum of the consumer surplus and the producer surplus has been maximised.
• B) profit has been maximised.
• C) producer surplus has been maximised.
• D) consumer surplus has been maximised.

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Definitions:

Policies of Containment

Strategies aimed at preventing the expansion of a hostile power or ideology, most notably associated with the United States' approach to combating the spread of communism during the Cold War.

Jawaharlal Nehru

The first Prime Minister of India, serving from 1947 until 1964, and a central figure in Indian independence and the shaping of modern India.

Soviet Union

A former federal socialist state in Eastern Europe and northern Asia, existing from 1922 to 1991, known for its centralized economy and government.

Joseph McCarthy

A U.S. senator known for his anti-communist activities and accusations in the early 1950s, leading to the term "McCarthyism."