Efficiency in a Market Is Achieved When

question 216

Multiple Choice

Efficiency in a market is achieved when

• A)a social planner intervenes and sets the quantity of output after evaluating buyers' willingness to pay and sellers' costs.
• B)the sum of producer surplus and consumer surplus is maximized.
• C)all firms are producing the good at the same low cost per unit.
• D)no buyer is willing to pay more than the equilibrium price for any unit of the good.

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Definitions:

Positivist

Relating to a philosophical approach that emphasizes empirical and scientific evidence to understand and explain phenomena.

Constructionist Perspectives

A theoretical viewpoint that emphasizes the socially constructed nature of reality, suggesting that our understanding of the world is shaped through social interactions and cultural norms.

Constructionist

Pertaining to theories that social phenomena and categories are socially constructed through language, communication, and negotiation.

Deviance

Behaviors, actions, or conditions that violate social norms or values, ranging from minor breaches to major violations, often subject to social judgment.