Lecture+15+quiz - consumption of a particular unit are the...

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Question 1: Which of the following assumptions is necessary to ensure that market equilibrium is efficient (maximizes social surplus)? A. The assumption that consumers’ preferences are identical. B. The assumption that preferences are quasi-linear. C. Both of the above. D. Neither of the above. Quiz Question 2: Which of the following assumptions is necessary to ensure that market equilibrium is efficient (maximizes social surplus)? A. The only individuals whose welfare is affected by the production and
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Unformatted text preview: consumption of a particular unit are the producer and the consumer. B. Firms have no ability to influence the economic environment. C. Both of the above. D. Neither of the above. Quiz Question 3: Which of the following assumptions is necessary to ensure that market equilibrium is efficient (maximizes social surplus)? A. That all consumers and all firms have the same information. B. That the government has less information than firms. C. Both of the above. D. Neither of the above. Quiz...
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Lecture+15+quiz - consumption of a particular unit are the...

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