Free markets are efficient because they allocate output to buyers who have a willingness to pay that is below the price.
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Q3: Consumer surplus is the
A)amount of a good
Q13: Producer surplus is a measure of the
Q14: This table refers to five possible
Q15: Total surplus is the seller's cost minus
Q16: If demand increases when supply is perfectly
Q19: Equilibrium in a competitive market maximizes total
Q19: A consumer's willingness to pay directly measures
A)the
Q21: An increase in the price of a
Q22: If a benevolent social planner chooses to
Q169: A supply curve can be used to
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