At a competitive market equilibrium, if there are no taxes, subsidies, price regulations, quantity regulations, or externalities,
i. | consumer surplus is minimized. |
ii. | marginal cost equals marginal benefit. |
iii. | resources are efficiently used. |
iv. | producer surplus is minimized. |
◦ ii and iii
◦ i and ii
◦ i and iv
◦ i, ii, iii, and iv
◦ ii only