When buyers and sellers optimize in a perfectly competitive market, ________
A) social surplus is maximized
B) social surplus is minimized
C) only consumer surplus is maximized
D) only consumer surplus is minimized
A
Economics
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Borrowing from other countries can lead to economic growth
Indicate whether the statement is true or false
Economics
The demand for a product is likely to be more elastic when
a. the share of the total budget spent on the product is small. b. more complementary products are available. c. the consumer has a short time to adjust to price changes. d. more good substitutes for the product are available.
Economics