At a competitive equilibrium with no externalities, taxes, subsidies, public goods, common resources, or high transactions costs, which of the following occurs?
i. an efficient outcome
ii. definitely a fair outcome when judged by the fair-results approach
iii. marginal cost equals marginal benefit
iv. producer surplus equals consumer surplus
A) i and iii
B) i, ii and iii
C) ii and iii
D) i, ii, iii and iv
E) only i
A
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