When Is Economic Efficiency Achieved in a Competitive Market

question 90

Multiple Choice

When is economic efficiency achieved in a competitive market?

• A)when economic surplus is equal to consumer surplus.
• B)when consumers and producers are satisfied.
• C)when the marginal benefit equals the marginal cost from the last unit sold.
• D)when producer surplus equals the total amount firms receive from consumers minus the cost of production.

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Definitions:

Unipolar Depression

A major mood disorder characterized by a persistent feeling of sadness or lack of interest in external stimuli.

Chromosomes

The structures, located within a cell, that contain genes.

Endogenous

Originating from within an organism, system, or process, often referring to substances or processes that occur naturally inside the body.

Reactive Depression

A type of depression triggered by a significant stressful life event or situation.