Economic Efficiency in a Competitive Market Is Achieved When

question 171

Multiple Choice

Economic efficiency in a competitive market is achieved when

• A)economic surplus is equal to consumer surplus.
• B)consumers and producers are satisfied.
• C)the marginal benefit equals the marginal cost from the last unit sold.
• D)producer surplus equals the total amount firms receive from consumers minus the cost of production.

---

Definitions:

Comprehensive Plan

A detailed document that describes the long-term planning goals and objectives of a community, including land use, housing, transportation, and community resources.