Suppose That a Perfectly Competitive Market Is in Equilibrium

question 55

Multiple Choice

Suppose that a perfectly competitive market is in equilibrium.Then,

• A)the equilibrium quantity provides the maximum possible benefit to buyers
• B)the equilibrium quantity provides the maximum possible benefit to buyers and sellers combined
• C)total (producer + consumer)surplus is equal to price x quantity.
• D)an additional unit,if produced,would produce a benefit that exceeds its cost of production
• E)an additional unit could be produced at a cost to some producer that is less than the benefit to some consumer

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Definitions:

Australopithecines

A group of extinct hominids that lived in Africa from about 4 to 2 million years ago, known for walking upright and for being possible ancestors of modern humans.

Body Size

The physical dimensions, volume, or mass of an organism, which can have various effects on its biology and behavior.

Musculature

The system or arrangement of muscles in the body of an organism, crucial for movement and physical activities.

Brain Size

A measure of the volume or mass of the brain, often related to body size, which varies significantly among different species and can correlate with cognitive abilities.