Economic surplus is maximized in a competitive market when
A) producers sell the quantity that consumers are willing to buy.
B) demand is equal to supply.
C) marginal benefit equals marginal cost.
D) the deadweight loss equals the sum of consumer surplus and producer surplus.
Question 2
Which of the following parties is likely to have the most information about the health of an individual who is trying to purchase a health insurance policy?
A) the employer of the individual who is trying to purchase the health insurance policy
B) the individual who is applying for the health insurance policy
C) the company that issues the health insurance policy
D) All parties in the health insurance market have access to the same level of information.
Economic and Social Development
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Markets and Institutions Market Story Problem