At a Competitive Equilibrium,if There Are No Taxes,subsidies,price Regulations,quantity Regulations,or

question 255

Multiple Choice

At a competitive equilibrium,if there are no taxes,subsidies,price regulations,quantity regulations,or externalities,

• A) the marginal benefit is greater than the marginal cost.
• B) resource use is efficient.
• C) the marginal benefit is less than the marginal cost.
• D) both the marginal benefit and the marginal cost of the last unit produced equal zero.
• E) the marginal benefit is greater than the marginal cost by as much as possible.

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Definitions:

Bacterial Infection

A harmful colonization of the body by bacteria, leading to illness, inflammation, and tissue damage.

Microorganisms

Tiny living organisms that can only be seen with a microscope, including bacteria, viruses, fungi, and protozoa.

Louis Pasteur

A French biologist, microbiologist, and chemist renowned for his discoveries of the principles of vaccination, microbial fermentation, and pasteurization.

Ayurvedic Medicine

Traditional healing system of India that addresses mental and spiritual well-being and physical health. Ayurveda identifies three types of energies that are present in all things: vata, pitta, and kapha, and believes that imbalances in any of these areas can cause disease.