When Is Economic Efficiency Achieved in a Competitive Market

question 98

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:

Field List

A display in database and software development environments that shows all the fields available in a table or query.

Form Design View

A graphical interface in database management systems used for designing the layout and functionality of forms that users interact with to enter or display data.

Referential Integrity

A concept in database management that ensures relationships between tables remain consistent, where keys in one table match keys in another.

Data Redundancy

The unnecessary repetition of data within a database, which can lead to inconsistencies and increased storage requirements.