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.

---

Definitions:

Serially

The process of sending data one bit at a time, sequentially, over a communication channel.

Event-driven Sequencers

A programming construct that triggers actions in sequence based on specific events, commonly used in automation and control systems.

Sequencer Input Instruction

A command or operation in a sequencer program that specifies the input conditions necessary for the sequence to proceed to the next step.