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QUESTION 4 When a competitive equilibrium is achieved in a market the total surplus to society is maximized. all individuals are better off than they

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QUESTION 4 When a competitive equilibrium is achieved in a market the total surplus to society is maximized. all individuals are better off than they would be if a price ceiling or price floor was imposed by government. economic surplus equals the deadweight loss. the total benefits to consumers are equal to the total benefits to producers

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