The market for a good is efficient if ______. A. The marginal cost of producing the good

Question:

The market for a good is efficient if ______.
A. The marginal cost of producing the good is minimized
B. The marginal benefit from the good is maximized
C. The consumer surplus is maximized
D. The total surplus is maximized

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Foundations Of Economics

ISBN: 9780135897478

9th Edition

Authors: Robin Bade, Michael Parkin

See More Books

Question Posted: Dec 28, 2022 03:50 AM

See More Questions

If the demand function for a good is p=110-x2 and the supply function for it is p=2-6/5 X+1/5 x2, find the consumer's surplus under pure competition. In the following equation p and C are in dollars...
The demand curve for a good is Q = 1,000 2p^2. What is the elasticity at the point p = $6.00 and Q =928? The elasticity of demand?
The following information applies to the market for a particular item in the absence of a unit excise tax: a. According to the information in the table, in the absence of a unit excise tax, what is...
You are in the market for a new car and have narrowed your search down to two types: Car X costs $36,300, will last for four years, and will be worth $3,630 at the end of its useful life. It will...
How does medical payments coverage under an auto insurance policy work? Why is medical payments coverage valuable even if you have a good health insurance plan?
One person offers another person a forged document which is known to be false. The other person rejects the forged document. Is this a crime of uttering? Y or N
Describe the processes associated with project closure to ensure that the project is closed in an orderly manner. AppendixLO1
Nancy Buffett has decided to file a grievance with her union steward. The grievance alleges that she was bypassed by a junior employee for a promotion to senior technician. a. Explain the steps her...
Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs for one unit of its product. Direct materials (4.0 Ibs. @...
(a) How many vertices and how many edges are there in the complete bipartite graphs K4,7, K7,11, and Km,n, where m, n, Z+? (b) If the graph Km 12 has 72 edges, what is m?
In California, farmers pay a lower price for water than do city residents. If farmers were charged the same price as city residents pay, how would the price of agricultural produce, the quantity of...
In California, farmers pay a lower price for water than do city residents. What is this method of allocation of water resources? Is this allocation of water efficient? Is this use of scarce water...
Consider the chemical process yield data in Exercise 4.12. Calculate the sample average and standard deviation. a. Calculate the sample average. b. Calculate the sample standard deviation. 94.1 87.3...
A popular theory is that presidential candidates have an advantage if they are taller than their main opponents. Listed are heights (in centimeters) of randomly selected presidents along with the...
Cash Flows Horiz Analysis Horiz Analysis Vertic Analysis Vertic Analysis from Oper Inc St Bal St Inc St Bal Sheet Ratios Requirement Prepare the cash flows from operations section of R. Ashburn...
Rudy Gandolfi owns and operates Rudy's Furniture Emporium Incorporated. The balance sheet totals for assets, liabilities, and stockholders' equity at August 1, 2022, are as indicated. Described here...
The brand manager for a brand of toothpaste must plan a campaign designed to increase brand recognition. He wants to first determine the percentage of adults who have heard of the brand. How many...
Pulse rates of women are normally distributed with a mean of 77.5 beats per minute and a standard deviation of 11.6 beats per minute. Answer the following questions. What are the values of the mean...
A landscape architect has included a rectangular flower bed measuring 9 ft by 5 ft in her plans for a new building. She wants to use two colors of flowers in the bed: one in the center and the other...
Read the case study Richter: Information Technology at Hungarys Largest Pharma and answer the following question: How does the organization ensure the accuracy of the data it stores?
Suppose a technological advance lowers the cost of producing computer memory chips. What is the effect of this change on the demand for memory chips, the supply of memory chips, the equilibrium price...
During 2004, orange growers in Florida experienced three hurricanes. As a result, the amount of oranges harvested in Florida was smaller than usual. Orange growers in other states experienced normal...
The USA Today reported that in 2007, more than 25 percent of the corn crop could be used to produce ethanol, up from 20 percent in 2006 and 6 percent in 2000. USA Today also reported that farmers are...
thumbs up if correct A stock paying no dividends is priced at $154. Over the next 3-months you expect the stock torpeither be up 10% or down 10%. The risk-free rate is 1% per annum compounded...
Question 17 2 pts Activities between affiliated entities, such as a company and its management, must be disclosed in the financial statements of a corporation as O significant relationships O segment...
Marchetti Company, a U.S.-based importer of wines and spirits, placed an order with a French supplier for 1,000 cases of wine at a price of 200 euros per case. The total purchase price is 200,000...

The market for a good is efficient if ______. A. The marginal cost of producing the good

Question:

Step by Step Answer:

D The total surplus is maxim i...View the full answer

Foundations Of Economics

Students also viewed these Business questions