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In general (and in the absence of market failures), economic surplus will be maximized and economic ...

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In general (and in the absence of market failures), economic surplus will be maximized and economic ...

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.

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Microeconomics

Edition: 17^th

Author: Ragan

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