At a Competitive Equilibrium with No Externalities,taxes,subsidies,public Goods,common Resources,or High

question 170

Multiple Choice

At a competitive equilibrium with no externalities,taxes,subsidies,public goods,common resources,or high transactions costs,which of the following occurs?
i.an efficient outcome
ii.definitely a fair outcome when judged by the fair-results approach
iii.marginal cost equals marginal benefit
iv.producer surplus equals consumer surplus

• A) i and iii
• B) i, ii and iii
• C) ii and iii
• D) i, ii, iii and iv
• E) only i

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Definitions:

Beneficiary

(1) A person who can expect to benefit from a relationship. (2) A person who receives, or will receive, the proceeds from an insurance policy or a will.

Witness

A person who sees an event, typically a crime or accident, and can give a first-hand account of it, or someone who is present at the signing of a document and signs it themselves to confirm this.

Intestate

The condition of dying without having made a legal will, leading to assets being distributed according to state laws.

Durable Power

Refers to a durable power of attorney, a legal document that grants someone the authority to act on another's behalf, even if the grantor becomes incapacitated.