If there are no external costs or benefits, no price or quantity regulations, no taxes or subsidies, and the good is not a public good or a common resource, then efficiency is

A) achieved when a monopoly produces the good.
B) achieved when the good is produced in a competitive market.
C) achieved when the amount of output exceeds the amount produced in a competitive market.
D) unrelated to the amount produced in a competitive market.


B

Economics

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Which of the following statements correctly describes a perfectly competitive market?

A) In a perfectly competitive market, individual sellers and buyers can influence the market price. B) All participants in a perfectly competitive market are price takers. C) Haggling and bargaining is commonly observed in a perfectly competitive market. D) Buyers in a perfectly competitive market pay different prices according to their individual demand.

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If marginal physical product of labor is declining, then average physical product must also be declining

a. True b. False Indicate whether the statement is true or false

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When foreigners are making more "investments" in a country than the residents of the country are making abroad, which of the following is most likely to occur?

a. Inflation. b. Rapid growth of the money supply. c. A balance of trade deficit. d. A negative net investment rate.

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Which of the following examples is a property right?

a. the ability to worship and express religious ideas freely b. the right to remain silent during an interrogation by police c. the authority to transfer ownership of a car that belongs to you d. the license to drive an interstate commercial motor vehicle

Economics