In Competitive Equilibrium,which of the Following Statements Is False

question 19

Multiple Choice

In competitive equilibrium,which of the following statements is false?

• A)Marginal social benefit equals marginal social cost.
• B)Willingness to pay equals marginal cost of production.
• C)The sum of consumer surplus and producer surplus is maximized.
• D)Deadweight loss is maximized.
• E)Resources are used efficiently to produce goods and services that people value most highly.

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Definitions:

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Describes a social condition characterized by the awareness and interconnectivity of global scale processes and phenomena, surpassing the concept of globalization.

Benjamin Barber

An American political theorist best known for his work on democracy and civic society, including the book "Strong Democracy."

Anthony Giddens

A notable sociologist from Britain, recognized for his structuration theory and comprehensive perspective on contemporary societies.

Ulrich Beck

A German sociologist known for his work on the risk society, individualization, and reflexive modernization.