Layout References Tell me LE Share X Calibri (Bo... v 7 v A A Aav Ap BIUvab x x A DAY Paragraph Styles Dictate 7. When economists say that most trades in a market are mutually beneficial, they mean that for most trades in a market a. Consumers' marginal benefit is lower than producers' marginal cost. b. The value to consumers of the trade is greater than the price they must pay, and the price sellers get is greater than their cost to produce. C. Consumers' marginal benefit and producers' marginal costs are equal for all trades in a market. d. Producers' marginal cost is greater than the value consumers get for those trades. 8. Suppose we put a tax on fast food, and that tax had no effect on the amount of fast food people bought and sold. Why, at least in terms of efficiency, would this tax be a "perfect" tax? a. All the tax would be paid by buyers. b. All the tax would be paid by sellers. C. Because sales did not fall, this tax would produce no deadweight loss. d. The tax did not make it more expensive for people to buy something they like. 9. Sometimes people make choices that produce costs for bystanders, like smoking indoors, or not getting vaccinated, or driving while texting. Economists say these choices create a. Negative externalities. b. Positive externalities. C. An increase in total surplus. d. Efficient market outcomes requiring no government intervention. 10. Which of the following is an efficiency benefit from markets? a. Efficient production minimizes costs. Efficient allocation maximizes benefits. C. The total surplus to consumers and producers is usually maximized at the market price. d. All of these are efficiency gains from markets