Choose the Statement That Is Incorrect

question 114

Multiple Choice

Choose the statement that is incorrect.

• A)Resources are used efficiently when marginal social benefit equals marginal social cost.
• B)Competitive equilibrium achieves an efficient outcome.
• C)Competitive equilibrium maximizes the gains from trade.
• D)When firms in perfect competition are away from long-run equilibrium,either entry or exit is taking place and the market is still efficient.
• E)Producer surplus is maximized at the competitive equilibrium.

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Definitions:

Exteroceptors

Sensory receptors that detect stimuli from the external environment, such as sound, light, and temperature.

Interoceptors

Sensory receptors located within the body that detect internal events such as changes in blood pressure, pH, and temperature, providing information about the internal environment to the brain.

Chemoreceptors

Sensory cells or organs specialized to detect chemicals in the environment, involved in taste and smell.

Mechanoreceptors

Sensory receptors in the body that respond to mechanical pressure or distortion, including touch, pressure, vibration, and sound.