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

question 284

Multiple Choice

At a competitive market equilibrium,if there are no taxes,subsidies,price regulations,quantity regulations,or externalities,
i.consumer surplus is minimized.
ii.marginal cost equals marginal benefit.
iii.resources are efficiently used.
iv.producer surplus is minimized.

• A) ii and iii
• B) i and ii
• C) i and iv
• D) i, ii, iii, and iv
• E) ii only

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Definitions:

Non-Merchant

An individual or entity who does not regularly deal in goods of the kind sold or who does not hold themselves out as having special knowledge or skills relevant to the goods involved in the transaction.

Tender of Delivery

The process by which a seller makes goods available to a buyer in fulfillment of a sales contract and notifies the buyer that the goods are ready for receipt.

Destroyed Through Fire

Refers to property or goods that have been damaged or annihilated as a result of fire.

Shipping Term

A stipulation or condition specified in a shipping contract that outlines the responsibilities, costs, and risk allocation between a seller and buyer.