DONT EXPLAIN, JUST LETTER ANSWER! PLEASE BE CORRECT ANSWER

The market equilibrium maximizes the sum of producer and consumer surplus for all of the following reasons EXCEPT:

a.

goods are produced by the lowest-cost sellers.

b.

every potential seller and every potential buyer are in the market.

c.

there are no wasted resources.

d.

goods are consumed by the highest-value buyers.

Broadly speaking, the two approaches to answering important economic questions are:

a.

spontaneous markets and market hierarchy.

b.

markets and spontaneous order.

c.

hierarchy and spontaneous order.

d.

hierarchy and command.

Which of the following is a question that might be answered by normative economics?

a.

Do sales taxes or income taxes generate more revenue?

b.

Should we raise sales taxes or income taxes?

c.

What will happen to the unemployment rate if we raise sales taxes?

d.

What will happen to GDP if we raise income taxes?