In a competitive market equilibrium
A) marginal benefit and marginal cost are maximized.
B) the marginal benefit equals the marginal cost of the last unit sold.
C) total consumer surplus equals total producer surplus.
D) consumers and producers benefit equally.
B
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Which of the following is NOT a necessary condition for a firm to price discriminate?
A) The firm must be able to separate markets. B) Buyers in different markets must have different elasticities of demand. C) Resale of the product must be preventable. D) The firm must be a price-taker.
Aggregate planned expenditure...
a) always equals actual aggregate expenditure b) is always less than actual aggregate expenditure c) is always greater than actual aggregate expenditure d) equals actual aggregate expenditure at the equilibrium level of real GDP