Economists say competitive markets are efficient because:
a. by producing in the output...
Economists say competitive markets are efficient because:
a. by producing in the output range where MB > MC, profits are earned and the difference between consumer surplus and producer surplus is maximized.
b. by producing in the output range where MB < MC, profits are reduced and the difference between consumer surplus and producer surplus is maximized.
c. by producing up to the point where MB > MC, profits are earned and the difference between the consumer surplus and producer surplus is maximized.
d. by producing up to the point where MB = MC, profits are maximized and the difference between the consumer surplus and producer surplus is maximized.
Answers: 1
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