In general (and in the absence of market failures), economic ...

[rubiosusy7]

In general (and in the absence of market failures), economic surplus will be maximized and economic efficiency will be achieved
◦ when the government is able to impose an equilibrium price.
◦ when the government successfully determines what is best for society as a whole.
◦ when resources are allocated such that production of the good is maximized.
◦ when consumers and producers can agree on the most advantageous division of economic surplus.
◦ in a competitive market where price is free to achieve its market-clearing equilibrium level.

[Mynameisrandom]

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[rubiosusy7]

Thanks for the timely response, appreciate it

[jomama]

Excellent