Refer to the information provided in Figure 13.9 below to answer the question(s) that follow. 
Figure 13.9 Refer to Figure 13.9. If competition is introduced into the market, the net social gain may be greater than the area BEC to the extent that
A. society may value the increase in consumer welfare on equity as well as efficiency grounds.
B. the firm may have engaged in rent-seeking behavior, the cost of which would also be avoided.
C. firms facing competition may have a greater incentive to cut costs and innovate, which results in gains to society.
D. All of the above are correct.
Answer: D
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The term "market" refers to
A) physical structures only. B) locations where buyers and sellers physically meet. C) any arrangement that enables buyers and sellers to get information and trade with one another. D) trading arrangements that have been approved by the government.
In colonial Georgia,:
a. communal agriculture was successful. b. cotton plantations were flourishing by the early 1700s. c. the slave population assisted free colonists in defending the Florida border. d. slavery was initially prohibited.
How does moral hazard affect market outcomes?
Technological __________ in American agriculture has __________ other types of employment
A) improvement; drawn labor away from B) improvement; released labor to go to C) stagnation; drawn labor away from D) stagnation; released labor to go to