In Evaluating the Degree of Economic Efficiency in a Market

question 88

Multiple Choice

In evaluating the degree of economic efficiency in a market, we can state that the size of the deadweight loss in a market will be smaller

• A)the greater the difference between marginal cost and price.
• B)the smaller the difference between marginal cost and average total cost.
• C)the smaller the difference between marginal cost and price.
• D)the greater the difference between marginal cost and average revenue.

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Definitions:

Social Stigma

The negative stereotypes and prejudicial attitudes people hold towards individuals or groups perceived as different from societal norms.

Specific Phobia

An intense, irrational fear of, or aversion to, a particular object, situation, or activity that provokes anxiety and avoidance behavior.

Irrationally Afraid

Being irrationally afraid refers to experiencing fear or anxiety in situations that objectively do not present a real and immediate danger or threat.

DSM

The Diagnostic and Statistical Manual of Mental Disorders, a comprehensive classification of officially recognized psychiatric disorders, published by the American Psychiatric Association.