In an ideal competitive market,

Name: In an ideal competitive market,
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In an ideal competitive market, social surplus is maximized. This means that the total sum of consumer surplus and producer surplus is at its highest possible level, indicating that resources are being allocated efficiently and in a way that benefits society as a whole. Excludable goods, depleteable goods, and external benefits do not necessarily have a direct impact on the efficiency of resource allocation in a competitive market.

In an Ideal Competitive Market