Economic Efficiency in a Competitive Market Is Achieved When

question 171

Multiple Choice

Economic efficiency in a competitive market is achieved when

• A)economic surplus is equal to consumer surplus.
• B)consumers and producers are satisfied.
• C)the marginal benefit equals the marginal cost from the last unit sold.
• D)producer surplus equals the total amount firms receive from consumers minus the cost of production.

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Definitions:

Gray Matter

Regions of the brain and spinal cord consisting primarily of neuronal cell bodies, dendrites, unmyelinated axons, and glial cells, involved in muscle control and sensory perception.

Nuclei

The central and most important parts of an atom, or a cell's structure that contains the genetic material.

Resting Membrane Potential

The electrical charge difference across the cell membrane when the cell is in a non-excited state.

Local Potential

A temporary, localized change in resting potential, usually occurring in neurons, that can lead to an action potential if it reaches threshold.