When technology increases the supply of a good and lower prices increase the quantity demanded,

A) the economy is reallocating resources to achieve an efficient allocation.
B) consumer surplus falls.
C) the invisible hand is unnecessary.
D) the marginal benefit of the good increases with the quantity produced.
E) the economy is no longer efficient because the quantity changes.

A

Economics

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The larger the number of suppliers, the _____________the market supply.

Fill in the blank(s) with the appropriate word(s).

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The profit-maximizing output for the perfectly competitive firm occurs at the point at which

A) TR - MR is at a maximum. B) TR - TC is at a minimum. C) MR = MC. D) TR - ATC is at a maximum.

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