If There Is Allocative Efficiency in a Purely Competitive Market

question 163

Multiple Choice

If there is allocative efficiency in a purely competitive market for a product, the maximum price consumers are willing to pay is

• A)less than marginal benefit.
• B)greater than marginal cost.
• C)equal to the amount of efficiency or deadweight losses.
• D)equal to the minimum price producers are willing to accept.

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Definitions:

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Variables defined in a program's global scope, accessible and modifiable from any part of the program.

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Refers to the actual location or arrangement of components within a hardware system or in a specific memory area.

Automatically Accessed

Refers to data or resources that are retrieved or used by a program without explicit instructions from the programmer.

Data Type

A classification identifying one of various types of data, such as integer, floating-point, or string, that determines the possible values for that type, the operations that can be performed on it, and the way it is stored.