An Efficient Equilibrium Occurs Whenever

question 271

Multiple Choice

An efficient equilibrium occurs whenever:

• A) social surplus is maximized.
• B) quantity demanded equals quantity supplied.
• C) there is a negative externality in the market.
• D) there is a positive externality in the market.

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Definitions:

Total Fertility Rate

The average number of children born to a woman during her lifetime.

Born

The process of coming into life or entering into existence.

K-strategists

Species that produce fewer offspring, with a focus on long term survival and quality of upbringing, often in stable environments.

Trees

Perennial plants with an elongated stem, or trunk, supporting branches and leaves, typically living for many years.