6.10 econ

https://tamu.blackboard.com/courses/1/ECON.202.599.1811/ppg/quiz6.100825171227/f1q2g1.jpg Figure 4-3 shows the market for tiger shrimp. The market is initially in equilibrium at a price of $15 and a quantity of 80. Now suppose producers decide to cut output to 40 in order to raise the price to $18. Refer to Figure 4-3. What is the value of the deadweight loss at the equilibrium price of $15? A. $0 B. $40 C. $60 D. $100

A. $0

https://tamu.blackboard.com/courses/1/ECON.202.599.1811/ppg/quiz6.100825171227/f1q4g1.jpg The figure above represents the market for pecans. Assume that this is a competitive market. If 8,000 pounds of pecans are sold A. The marginal benefit of each of the 8,000 pounds of pecans equals $9. B. Producer surplus equals consumer surplus. C. The deadweight loss is equal to economic surplus. D. Marginal benefit is equal to marginal cost.

D. Marginal benefit is equal to marginal cost.

Economic efficiency in a competitive market is achieved when a)economic surplus is equal to consumer surplus b)producer surplus equals the total amount firms receive from consumers minus the cost of production. c)consumers and producers are satisfied d) the marginal benefit equals the marginal cost from the last unit sold

d) the marginal benefit equals the marginal cost from the last unit sold

If there is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and consumer surplus plus producer surplus is maximized, then

economic efficiency is achieved

If marginal benefit is greater than marginal cost, output is inefficiently high

false