When a Competitive Equilibrium Is Achieved in a Market

question 91

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 the 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:

Heart Rate

The number of heartbeats per minute, an important indicator of heart health and overall physical fitness.

Daily Hassles Scales

Psychological tools used to measure the frequency and intensity of minor daily stressors that can affect overall mental and physical wellbeing.

Self-reports

Data or information provided by individuals about themselves, often used in research or assessment.

Nonspecific Response

A generalised reaction by the body to a stressor, not directed against any particular pathogens.