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11 Dec 2019
When a competitive market achieves allocative efficiency, it implies that:
(i) the marginal benefit of having the product is greater than the marginal cost.
(ii) the buyers are getting the maximum consumer surplus from the product.
(iii) the combined consumer and producer surplus is maximized.
(iv) the quantity demanded is lower than the quantity supplied.
When a competitive market achieves allocative efficiency, it implies that:
(i) the marginal benefit of having the product is greater than the marginal cost.
(ii) the buyers are getting the maximum consumer surplus from the product.
(iii) the combined consumer and producer surplus is maximized.
(iv) the quantity demanded is lower than the quantity supplied.
Trinidad TremblayLv2
27 Mar 2020
