Question #596180 In the absence of market failures, a perfectly competitive market equilibrium is efficient for which of the following reasons? A Consumer surplus is maximized and consumers are better off relative to producers. B Producer surplus is maximized and producers are better off relative to consumers. C Total economic surplus is maximized and all mutually beneficial transactions are exhausted. D Total economic surplus is distributed equally between producers and consumers. E The quantity of output is produced at a constant cost so that every consumer pays the same price