Which of the following can result in a market producing an inefficient quantity of a good? i. competition ii. an external cost or an external benefit iii. a tax

Many economists support trade agreements, maintaining that the agreements improve economic efficiency because they result in goods being produced

A) at the highest profit margin. B) with maximum deadweight loss. C) with zero producer surplus. D) at the lowest opportunity cost.

If a firm's demand curve is perfectly elastic, then at the profit-maximizing level of output

A. P > 0 and MR = 0. B. P < MR < MC. C. P > MR > MC. D. P = MR = MC.