We say that equilibrium in a perfectly competitive market is ...

[sabina]

We say that equilibrium in a perfectly competitive market is allocatively efficient because
 a. the sum of consumer and producer surplus is maximized
  b. the sum of consumer and producer surplus is minimized
  c. the sum of consumer and producer surplus is zero
  d. consumer surplus is maximized
  e. producer surplus is zero

Question 2

Monopolistically competitive industries consist of
 a. one firm selling several products
  b. one firm selling one product
  c. many firms, all selling identical products
  d. many firms, each selling a slightly different product
  e. many firms, each selling a completely different product

[Joc]

Answer to Question 1

A

Answer to Question 2

D

[sabina]

Thanks for the timely response, appreciate it

[vickybb89]

YES! Correct, THANKS for helping me on my review