At a Competitive Market Equilibrium, If There Are No Taxes

question 329

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:

Canalization

A concept in developmental biology and psychology, meaning the tendency of heredity to restrict the development of some characteristics to just one or a few outcomes, regardless of environmental variations.

Genetically Determined Growth

Genetically determined growth refers to the influence of genes on the physical development and growth patterns of an organism, including humans.

Neuron's Cell Body

The part of a neuron that contains the nucleus and is essential for the cell's metabolic activities and health.

Cephalocaudal

A principle of physical growth that states development progresses from the head down to the rest of the body.