Suppose That a Perfectly Competitive Market Is in Equilibrium

question 55

Multiple Choice

Suppose that a perfectly competitive market is in equilibrium.Then,

• A)the equilibrium quantity provides the maximum possible benefit to buyers
• B)the equilibrium quantity provides the maximum possible benefit to buyers and sellers combined
• C)total (producer + consumer)surplus is equal to price x quantity.
• D)an additional unit,if produced,would produce a benefit that exceeds its cost of production
• E)an additional unit could be produced at a cost to some producer that is less than the benefit to some consumer

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Definitions:

Check Register

A record of checks written, deposits made, and balances for a checking account.

Deposit

An amount of money placed into an account or given to someone as a partial payment or security for the purchase of something.

Check Register

A record book or digital log used to track checks written, deposits made, and current balance of a bank account.

Cash Balance

The amount of currency and liquid instruments in a company's possession that can be readily used for transactions.