When a Competitive Equilibrium Is Achieved in a Market

question 73

Multiple Choice

When a competitive equilibrium is achieved in a market,

• A)all individuals are better off than they would be if a price ceiling or price floor was imposed by government.
• B)the total net benefit to society is maximized.
• C)the total benefits to consumers are equal to the total benefits to producers.
• D)economic surplus equals the deadweight loss.

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Definitions:

Order-Taking

The process of receiving and processing customer orders, typically performed by sales personnel or through automated systems.

Customer Base

The group of consumers who repeatedly purchase the goods or services of a business, forming its main source of revenue.

Channel Sales Representatives

New-business sales representatives who focus on securing new distribution channel outlets.

Order-Takers

Individuals or employees within a company responsible for taking orders from customers but not actively involved in sales solicitation.