If a Market Produces a Level of Output That Exceeds

question 48

Multiple Choice

If a market produces a level of output that exceeds the competitive equilibrium output,then

• A) social welfare will be higher.
• B) producer surplus will be higher.
• C) marginal cost will exceed price.
• D) All of the above.

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Definitions:

Internal Cause

An explanation of behavior or events attributing to factors within a person such as personal decisions, efforts, or characteristics.

External Cause

Factors outside an individual that can lead to certain outcomes or effects.

Consistent Behavior

A pattern of actions or responses that remains uniform over time in a particular individual or situation.

Attribution

The process of explaining one's own behavior and the behavior of others.