At a Competitive Equilibrium with No Externalities,taxes,subsidies,public Goods,common Resources,or High

question 170

Multiple Choice

At a competitive equilibrium with no externalities,taxes,subsidies,public goods,common resources,or high transactions costs,which of the following occurs?
i.an efficient outcome
ii.definitely a fair outcome when judged by the fair-results approach
iii.marginal cost equals marginal benefit
iv.producer surplus equals consumer surplus

• A) i and iii
• B) i, ii and iii
• C) ii and iii
• D) i, ii, iii and iv
• E) only i

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Definitions:

Dual-Process Model

A theory that suggests there are two distinct systems in the brain for processing information: one that is fast, automatic, and emotional, and another that is slower, more deliberate, and logical.

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Mourning

is the process of experiencing and expressing grief after the loss of a loved one.

Grief

The affective response to bereavement that includes distress and an intense array of emotions such as hurt, anger, and guilt.