When a Market Is Efficient

question 88

Multiple Choice

When a market is efficient:

• A) any additional changes to make someone better off will make someone else worse off.
• B) a central planner must be involved.
• C) total surplus is zero.
• D) any additional changes to make someone better off will reduce the deadweight loss.

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Definitions:

Cabinet

A body of advisers to the president composed of the heads of the executive departments of the government.

Cabinet

A body of high-ranking state officials, typically consisting of the top leaders of the executive branch, appointed to advise the head of government and implement government policies.

Major Service Organizations

Non-profit organizations that provide support, advocacy, and services to specific groups, often including veterans, and play significant roles in community building and social support.

Hierarchy of Authority

A rank order of authority within an organization, establishing clear paths of responsibility and reporting.