If Equilibrium Is Achieved in a Competitive Market

question 2

Multiple Choice

If equilibrium is achieved in a competitive market

• A)there is no deadweight loss.
• B)the deadweight loss will be maximized.
• C)the deadweight loss will equal the sum of consumer surplus and producer surplus.
• D)the deadweight loss will be the same as the opportunity cost of the last unit of output sold.

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Definitions:

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Nineteenth Century

The 1800s, marked by significant events including industrialization, colonialism, and numerous social and political changes worldwide.

African Methodist Episcopal Church

A historic African-American Methodist denomination founded in the early 19th century, emphasizing civil rights and social justice.

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Refers to individuals or groups involved in the coerced trade of humans, typically for the purposes of forced labor or sexual exploitation, historically involving Europeans and Americans.