Efficiency Is Achieved in Competitive Markets Because ________

question 141

Multiple Choice

Efficiency is achieved in competitive markets because ________.

• A) producer surplus is maximized
• B) consumer surplus is maximized
• C) social surplus is maximized (the economic pie is made as large as possible)
• D) deadweight loss is maximized

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Definitions:

Legal System

The comprehensive framework of rules and institutions established by governmental authority to regulate conduct within a society.

Human Rights Tribunals

are specialized courts or bodies designed to address and resolve cases of human rights violations, offering victims a platform for justice.

Law Defined

The system of rules created and enforced through social or governmental institutions to regulate behavior.

Bona Fide Occupational Requirement

A condition or requirement necessary for performing a job that can justify discrimination based on otherwise protected categories if it is genuinely needed to carry out job responsibilities.