Which tools allow economists to determine if the allocation of resources determined by free markets is desirable?
A) profits and costs to firms
B) consumer and producer surplus
C) the equilibrium price and quantity
D) incomes of and prices paid by buyers
Correct Answer:
Verified
Q5: Which of the following statements is not
Q6: Which of the following is correct?
A)Consumer surplus
Q8: Total surplus is
A)equal to consumer surplus minus
Q11: Total surplus is represented by the area
A)under
Q12: At the equilibrium price of a good,the
Q13: At the equilibrium price of a good,the
Q14: Economists typically measure efficiency using
A)the price paid
Q15: Total surplus is equal to
A)value to buyers
Q193: We can say that the allocation of
Q207: Efficiency in a market is achieved when
A)a
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