Dry cleaning of clothing produces air pollutants. Therefore, in the market for dry cleaning services, the equilibrium price
A) and output are too low to be optimal.
B) and output are too high to be optimal.
C) is too low to be optimal, and equilibrium quantity is too high.
D) is too high to be optimal, and equilibrium quantity is too low.
E) is optimal, but there is an excess supply.
Question 2
An efficient allocation of goods in an exchange economy means that
A) goods were produced by the most efficient technology available.
B) no one can be made better off without making somebody else worse off.
C) those made worse off are not hurt as badly as the benefits resulting from those made better off. That is, there is a net positive gain.
D) in a particular production process one gets the maximum output for a given input.
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