The Equilibrium Price and Quantity in a Market Usually Produce

question 52

Multiple Choice

The equilibrium price and quantity in a market usually produce allocative efficiency because

• A) all consumers who want the good are satisfied.
• B) marginal benefit and marginal cost are equal at that point.
• C) equilibrium ensures an equitable distribution of output.
• D) the excess of goods produced at equilibrium guarantees that all will have enough.

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Definitions:

Spectator Ions

Ions that are present in a chemical reaction but do not participate in it, remaining unchanged throughout the reaction.

Potassium Iodide

A chemical compound used in medical treatments, nutritional supplements, and as a protective measure against radioiodine exposure.

Total Ionic Equation

An equation that shows all of the ions in a solution as they realistically exist, used in the study of reactions in aqueous solutions.

Lead(II) Nitrate

A chemical compound with the formula Pb(NO3)2, used in making matches and special explosives, as well as in various industrial processes.