Perfectly competitive markets are desirable from society's point of view because well-functioning competitive markets (i.e., absent market failure) maximize _____________ surplus, which is the sum of _____________ surplus and _____________ surplus. Furthermore, well-functioning competitive markets result in social ____________ efficiency, which requires that the market achieve both _______________ efficiency and _______________ efficiency.

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The Answer of Perfectly competitive markets are desirable from society's point of view because well-functioning competitive markets (i.e., absent market failure) maximize _____________ surplus, which is the sum of _____________ surplus and _____________ surplus. Furthermore, well-functioning competitive markets result in social ____________ efficiency, which requires that the market achieve both _______________ efficiency and _______________ efficiency.

Perfectly Competitive Markets Are Desirable from Society's Point of View