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:

Amoeba

A unicellular protist that moves by means of pseudopodia.

Locomotion

The ability or act of moving or traveling from one place to another, employing various mechanisms across different species.

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Algal blooms that turn coastal waters red and are harmful to marine life due to the toxins produced by the algae.

Red Algae

A diverse group of eukaryotic, photosynthetic algae, often found in marine environments, known for their reddish pigments.