The referendum version of the median voter model allows voters to vote on a series of marginally increasing quantities of a good

When a competitive equilibrium is achieved in a market

A) the total net benefit to society is maximized. B) the total benefits to consumers are equal to the total benefits to producers. C) economic surplus equals the deadweight loss. D) all individuals are better off than they would be if a price ceiling or price floor was imposed by government.

A durable good is expected to last longer than

a. ten years b. twenty years c. one month d. one year e. five years