Which of the Following Occurs When a Market Is Efficient

question 41

Multiple Choice

Which of the following occurs when a market is efficient?

• A) Producers earn the highest income possible.
• B) Production costs equal total benefit.
• C) Consumer surplus equals producer surplus.
• D) Scarce resources are used to produce the goods and services that people value most highly.
• E) Every consumer has all of the good or service he or she wants.

---

Definitions:

European Imperial Expansion

The period, primarily between the 15th and 20th centuries, when European powers expanded their territories globally through colonization and conquest.

New Imperialism

An era of overseas expansion by European countries, the United States, and Japan in the late 19th and early 20th centuries.

Second Industrial Revolution

A phase of rapid industrialization in the final third of the 19th century and the beginning of the 20th, known for advancements in steel production, electricity, and chemical synthesis.