All of the following contribute to the attainment of efficiency in a competitive market except
A)marginal benefit equals marginal cost because of the establishment of market equilibrium
B)every consumer maximizes his or her utility.
C)every producer seeks to get the minimum price he or she is willing to accept.
D)every consumer consumes to the point where price equals marginal benefit.
E)every firm produces to the point where price equals marginal cost.

Question

Quizplus · Accepted Answer

In a competitive market, every producer attempts to maximize profits, rather than seeking to get the minimum price they are willing to accept. Seeking the minimum price means that producers are less concerned with profits and more concerned with selling their products.

All of the Following Contribute to the Attainment of Efficiency