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:

Sacrum

Five fused vertebrae that lie between the coccyx and the lumbar vertebrae of the spinal column.

Pelvic Girdle

A bony structure located in the lower part of the trunk, connecting the spine to the legs and supporting the visceral organs of the pelvis.

Symphysis Pubis

A slightly movable joint located where the left and right pubic bones meet at the front of the pelvis.

Anteriorly

Refers to the position or direction towards the front of the body or an object.