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:

Organizational Response

The way an organization reacts to internal or external stimuli, challenges, or opportunities.

Technology Leader

An individual or organization pioneering in the development, utilization, and application of new technologies, setting trends in the industry.

Management By Objectives (MBO)

A management strategy where objectives are defined so that employees understand what they need to achieve.

Type Of Uncertainty

Refers to different situations in which the probability of outcomes or future events is unknown, common in business and economics.