When a Perfectly Competitive,well-Functioning Market Is Not in Equilibrium

question 115

Multiple Choice

When a perfectly competitive,well-functioning market is not in equilibrium:

• A) total surplus is not maximized.
• B) there are no exchanges that can make some better off without someone becoming worse off.
• C) the market is efficient.
• D) All of these are true.

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Definitions:

LLC

Limited Liability Company, a flexible form of enterprise that blends elements of partnership and corporate structures, providing limited liability to its owners.

Business Tax Return

The documentation filed to report a business's income, expenses, and other tax information to government tax authorities.

Form 1040 Schedule C

A tax form used by sole proprietors to report business income and expenses to the IRS.

Form 1120

A tax form used by corporations in the United States to report their income, gains, losses, deductions, and credits to the Internal Revenue Service.