Micro Economics MCQ (GK Set-1) with Answers

the market allocates buyers to the sellers who can produce the good at least cost

the quantity produced in the market maximizes the sum of consumer and producer surplus

the market allocates output to the buyers that value it the most

all of these answers

maximize producer surplus

are efficient

are inefficient

are equitable

everyone has as much as they would like

the benefit buyers place on medical care is equal to the cost of producing it

buyers receive no benefit from another unit of medical care

we must cut back on the consumption of other goods

efficiency Sue should receive the glove

efficiency Joe should receive the glove

equity, Joe should receive the glove

consumer surplus both should receive a glove

Rs. 500

Rs. 300

Rs. 200

Rs. 400