Answered: Which of the following statements about… | bartleby

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 3TY

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QUESTION 5
Which of the following statements about competitive markets in equilibrium, assuming there are no market failure, is
false?
O Everyone who wants to buy the good can do so.
O There is no reason for price to change, unless supply and/or demand change.
O There are no shortages or surpluses.
O Total surplus is maximised, as long as there are no market failures.

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