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a. Explain the view that the best allocation of resources occurs when consumer surplus and producer surplus are maximized. Answers may include: . definitions of

a. Explain the view that the best allocation of resources occurs whenconsumer surplusandproducer surplusare maximized.

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Answers may include: . definitions of allocation of resources, consumer surplus, producer surplus . diagram to show consumer and producer surplus being maximized . explanation that resources are being used in the most efficient way when demand equals supply and the consumer surplus and producer surplus are maximized . examples of goods and services that ensure resources are allocated efficiently. Any market example is acceptable. Assessment Criteria

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