When ________ in a market,the total net benefit to society is maximized.
A)deadweight loss is maximized
B)a competitive equilibrium is achieved
C)consumer surplus is minimized
D)producer surplus is minimized

Question

Quizplus · Accepted Answer

A competitive equilibrium occurs when the market reaches a point where the supply meets demand and the price is set at an optimal level. At this point, the total net benefit to society is maximized as there is no deadweight loss and both producers and consumers benefit from the exchange. Therefore, option B is the correct answer. Options A, C, and D are incorrect as they would lead to inefficiencies and a reduction in societal benefit.

When ________ in a Market,the Total Net Benefit to Society