When the competitive market is using its resources efficiently, ...

[haleyc112]

When the competitive market is using its resources efficiently, the
 
  A) total amount of consumer surplus is maximized.
  B) total amount of producer surplus is maximized.
  C) sum of the total amount of consumer surplus plus the total amount of producer surplus is maximized.
  D) sum of the total amount of consumer surplus plus the total amount of producer surplus equals zero.

Question 2

Which of the following statements is TRUE?
 
  A) An increase in the price of gasoline will decrease the demand for gasoline.
  B) An increase in the price of gasoline will increase the quantity demanded of gasoline.
  C) An increase in the price of gasoline will increase the supply of gasoline.
  D) An increase in the price of gasoline will increase the quantity supplied of gasoline.

[aruss1303]

Answer to Question 1

C

Answer to Question 2

D

[haleyc112]

Thanks for the timely response, appreciate it

[Jsherida]

YES! Correct, THANKS for helping me on my review