If the multiplier is 6, then the MPC is

Which of the following conditions holds in an economically efficient competitive market equilibrium?

A) Producer and consumer surplus are exactly equal in size. B) There are no positive and no negative external effects from consumption and production. C) The deadweight loss is positive but at a minimum. D) The marginal benefit of the last unit produced and consumed is maximized.

According to economists, competition exists because of

A) scarcity. B) capitalism. C) money. D) unintended effects.