All of the Following Contribute to the Attainment of Efficiency

question 158

Multiple Choice

All of the following contribute to the attainment of efficiency in a competitive market except

• A)marginal benefit equals marginal cost because of the establishment of market equilibrium
• B)every consumer maximizes his or her utility.
• C)every producer seeks to get the minimum price he or she is willing to accept.
• D)every consumer consumes to the point where price equals marginal benefit.
• E)every firm produces to the point where price equals marginal cost.

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Definitions:

Japanese Yen

The official currency of Japan, symbolized as ¥ and known in the forex markets as JPY.

Mexican Peso

The Mexican Peso is the official currency of Mexico, represented by the symbol $ or MX$ to distinguish it from other dollar-denominated currencies.

Dollar Value

The worth or purchasing power of the United States dollar in terms of the amount of goods or services that one unit of money can buy.

Trade Deficit

A situation where a country's imports exceed its exports, leading to a negative balance of trade.