Economic Efficiency in a Competitive Market Is Achieved When

question 171

Multiple Choice

Economic efficiency in a competitive market is achieved when

• A)economic surplus is equal to consumer surplus.
• B)consumers and producers are satisfied.
• C)the marginal benefit equals the marginal cost from the last unit sold.
• D)producer surplus equals the total amount firms receive from consumers minus the cost of production.

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Definitions:

Dual Federalism

refers to a political system where the responsibilities and powers of the federal government and state governments are distinctly separated, often termed as "layer cake" federalism.

National Government

The organization through which a nation's political authority is exercised, including all branches of government at the national or federal level.

Mutually Exclusive

Conditions or events that cannot occur simultaneously or be true at the same time.

Elastic Clause

A provision in the U.S. Constitution that grants Congress the power to pass all laws necessary and proper for carrying out its enumerated powers, also known as the Necessary and Proper Clause.