Efficiency refers to whether a market outcome is fair, while equality refers to whether the maximum amount of output was produced from a given number of inputs.
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Q36: The area below the demand curve and
Q37: At any quantity, the price given by
Q38: When demand increases so that market price
Q39: In a competitive market, sales go to
Q40: The area below the price and above
Q42: Total surplus = Value to buyers -
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Q44: If a market is in equilibrium, then
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