A Competitive Market with No Externalities Is Efficient When It

question 56

Multiple Choice

A competitive market with no externalities is efficient when it is in equilibrium because

• A) total benefit equals total cost.
• B) marginal benefit equals marginal cost.
• C) consumer surplus equals producer surplus.
• D) the sum of consumer surplus plus producer surplus is minimized.
• E) the deadweight gain equals its maximum.

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Definitions:

Sexual Development

The process of physical and emotional changes that occur as a person matures sexually, including puberty and the development of sexual identity.

HIV

Human Immunodeficiency Virus, a virus that attacks the immune system and, if not treated, can lead to Acquired Immunodeficiency Syndrome (AIDS).

AIDS

Acquired Immune Deficiency Syndrome, a life-threatening condition caused by the Human Immunodeficiency Virus (HIV), impairing the immune system.

Pregnancy

A condition in female mammals, including humans, involving the development of one or more offspring, known as an embryo or fetus, inside the uterus.