In competitive equilibrium,which of the following statements is false?
A) Marginal social benefit equals marginal social cost.
B) Willingness to pay equals marginal cost of production.
C) The sum of consumer surplus and producer surplus is maximized.
D) Deadweight loss is maximized.
E) Resources are used efficiently to produce goods and services that people value most highly.
Correct Answer:
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Q77: As the quantity of hot dogs demanded
Q78: When the efficient quantity is produced
A)marginal social
Q79: Use the information below to answer the
Q80: Sam's demand curve for pizza
A)lies below his
Q81: A negative externality results in
A)underproduction.
B)zero production.
C)overproduction.
D)efficient production.
E)zero
Q83: Use the figure below to answer the
Q84: Which of the following can lead to
Q85: Choose the correct statement.
A)Producer surplus is an
Q86: Deadweight loss is
A)borne entirely by consumers.
B)gained by
Q87: Use the figure below to answer the
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