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nikdorinn [45]
3 years ago
10

When a competitive market is in​ equilibrium, what is the economically efficient level of​ output? A. any output level where mar

ginal cost is greater than marginal benefit B. any output level where marginal benefit is greater than marginal cost C. the output level where marginal cost is equal to marginal benefit D. All of the above.
Business
1 answer:
Anestetic [448]3 years ago
6 0

Answer:

The correct answer is C. the output level where marginal cost is equal to marginal benefit .

Explanation:

Competitive equilibrium Traditional concept of economic equilibrium used for the analysis of  goods markets with flexible prices and many agents, which usually serve as a benchmark for efficiency in economic analysis. Crucially, it depends on the assumption of a context in which each agent makes decisions about such a small amount compared to the total amount traded in the market that their individual transactions have no influence on prices.

It consists of a price system and an allocation of the production and consumption of the economy among the various agents, such that, given the prices, each agent maximizing its objective function (benefits, preferences) subject to restrictions (technological, of resources) plans to trade its share in the proposed allocation, at prices that make all exchanges compatible with each other by balancing the markets, that is, matching the aggregate supply with the demand  aggregate of each of the goods and services traded.

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The correct answer is variable.

Explanation:

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3 years ago
Consider the US market for chocolate, a market in which the government has imposed a price ceiling. Which of the following event
natita [175]

Answer:

D) South American cocoa bean producers refuse to ship to chocolate producers in the US.

Explanation:

A nonbinding rice ceiling means that the equilibrium price is below the price ceiling, so it will have no effect in real life. In order for the price ceiling to become binding and start to negatively affect the market, the equilibrium price must increase.  

The only option that would increase the equilibrium price is option D, since the shortage of a key input will probably result in an increase in the price of the key input. If the price of a key input increases, the cost of producing chocolate will increase, resulting in a leftward shift of the supply curve.

A leftward shift of the supply curve will decrease the total quantity supplied and it will increase the price of chocolate at every level of quantity demanded. This will result in an increase in the equilibrium price which might ultimately change the price ceiling from nonbinding to binding.

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3 years ago
Profit-maximizing firms enter a competitive market when existing firms in that market have.
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Answer:Profit-maximizing firms enter a competitive market when, for existing firms in that market, total revenue exceeds fixed costs.

Explanation:

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Answer:

B.

Explanation:

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