When a Market Is Efficient

question 78

Multiple Choice

When a market is efficient,

• A)there is no exchange that can make anyone better off without someone becoming worse off.
• B)a central planner must be involved.
• C)only increased prices can benefit those involved.
• D)None of these is true.

---

Definitions:

Battered Spouse Syndrome

A defense to criminal liability available to defendants if they can prove that they believed the only way to escape death or severe bodily injury was to use force against their tormentors.

Self-Defense

A defense to criminal liability available to defendants if they can demonstrate (1) that they did not start the altercation, (2) that they had good reason to believe they were in danger of death or severe bodily injury, and (3) that they used only enough force to repel the attack.

Irresistible Impulse Test

Under this rule, criminal defendants are judged not guilty by reason of insanity if, at the time of the action in question, they suffered from a mental disease that either prevented them from knowing right from wrong or compelled them to commit the criminal act.