When a Competitive Equilibrium Is Achieved in a Market

question 129

Multiple Choice

When a competitive equilibrium is achieved in a market,

• A) all individuals are better off than they would be if a price ceiling or price floor was imposed by government.
• B) the total net benefit to society is maximised.
• C) the total benefits to consumers are equal to the total benefits to producers.
• D) economic surplus equals the deadweight loss.

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Definitions:

LH

Luteinizing hormone, a hormone produced by the pituitary gland that plays a key role in regulating the menstrual cycle and ovulation in females and testosterone production in males.

Endometrium

The inner lining of the uterus, which thickens during the menstrual cycle to prepare for potential pregnancy.

Uterus Lining

The inner layer of the uterus, known as the endometrium, which thickens during the menstrual cycle to prepare for potential implantation of an embryo.

Endothelium

The tissue that lines the cavities of the heart, blood vessels, and lymph vessels.