When a Market Is Efficient,the

question 98

Multiple Choice

When a market is efficient,the

• A) sum of consumer surplus and producer surplus is maximized.
• B) deadweight gain is maximized.
• C) quantity produced is maximized.
• D) marginal benefit of the last unit produced exceeds the marginal cost by as much as possible.
• E) total benefit equals the total cost.

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Definitions:

Transferred Intent

A legal doctrine allowing intent to harm one person to be transferred if an unrelated party is harmed instead.

Mental Element

The state of mind that the prosecution must prove a defendant had when committing an act to establish criminal liability, often referring to intent or knowledge.

Deer Hunting

The activity of tracking and hunting deer, which can be regulated by laws to manage wildlife populations and ensure ethical practices.

Spring Gun

A mechanism designed to discharge a bullet or other projectile, activated unexpectedly by a person approaching, usually considered illegal or dangerous due to its indiscriminate nature.