If the Current Allocation of Resources in the Market for Wallpaper

question 56

Multiple Choice

If the current allocation of resources in the market for wallpaper is efficient,then it must be the case that

• A)producer surplus equals consumer surplus in the market for wallpaper.
• B)the market for wallpaper is in equilibrium.
• C)on the last unit of wallpaper that was produced and sold,the value to buyers exceeded the cost to sellers.
• D)All of the above are correct.

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Definitions:

Corporation

A legal entity that is separate and distinct from its owners, with rights and liabilities, capable of conducting business.

Promoter

An individual or company responsible for organizing and often financing concerts, plays, or other events.

Duty to Be Careful

The duty to be careful, often referred to as a duty of care, is a legal obligation imposed on individuals to act with the caution and attentiveness of a reasonable person to avoid causing harm to others.

Director

An individual appointed or elected to oversee the management and strategic direction of a company or organization.