Which Statement Is True When a Competitive Equilibrium Is Achieved

question 144

Multiple Choice

Which statement is true 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.

Determine the outcomes of changing production scale on average costs.

Recognize the relationship between a firm's operational decisions in the short and long run.

Identify the characteristics of different types of cost curves.

Distinguish between constant, increasing, and decreasing returns to scale.

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The set of established forms or steps for conducting legal actions or the operation of legal processes.

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A court that deals with minor legal disputes and civil cases involving relatively small sums of money, designed to be more accessible than higher courts.

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The act of a defendant formally notifying the court and the plaintiff of their intention to defend against a lawsuit.