1. the equilibrium of a competitive industry is: aneither efficient nor equitable bequitable but not necessarily efficient cefficient dnot always efficient2. What is meant by consumer surplus? aIt is the total quantity of a good bought by a consumer divided by the price paid. bIt is a measure of an individual consumer's utility from the consumption of a good. cIt is the difference between a consumer's maximum willingness to pay and the price. dIt is a measure of the total benefit to consumers from the purchase of a good.

The market structure where there exist, numerous sellers and buyers, such that no single one of them…

Answered: 1. the equilibrium of a competitive…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. the equilibrium of a competitive industry is:

	a	neither efficient nor equitable
	b	equitable but not necessarily efficient
	c	efficient
	d	not always efficient

2. What is meant by consumer surplus?

	a	It is the total quantity of a good bought by a consumer divided by the price paid.
	b	It is a measure of an individual consumer's utility from the consumption of a good.
	c	It is the difference between a consumer's maximum willingness to pay and the price.
	d	It is a measure of the total benefit to consumers from the purchase of a good.

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