When ________ in a market, the total net benefit to society is maximized
A) deadweight loss is maximized B) consumer surplus is minimized
C) producer surplus is minimized D) a competitive equilibrium is achieved
D
You might also like to view...
The "standard of deferred value" function of money means it is:
a. Unit in terms of which everything is valued and the basis for establishing relative prices between goods and services. b. Asset people can use to accumulate wealth. c. Barter value of a product for which a nation has a comparative advantage. d. Asset individuals get for goods and services and then use later to purchase other goods and services. e. The unit in terms of which people write contracts.
Average total cost equals
A) TC/Q. B) TVC/Q. C) TFC/Q. D) change in total cost/change in output.
Economic theory assumes people want
A) material goods primarily. B) money in preference to all other goods. C) more of everything. D) to advance the projects in which they are interested. E) what serves selfish rather than altruistic goals.
To say individuals seek an "economically efficient" course of action is another way of saying they
A) waste precious resources. B) are not concerned about the wellbeing of anybody else. C) economize. D) measure everything according to the bottom line: money.