Use the ideas of consumer surplus and producer surplus to explain why economists say competitive markets are

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Use the ideas of consumer surplus and producer surplus to explain why economists say competitive markets are efficient. Why are below- or above-equilibrium levels of output inefficient, according to these two sets of ideas?

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Economics

ISBN: 978-0073375694

18th edition

Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn

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Question Posted: May 23, 2013 07:44 AM

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Use the ideas of consumer surplus and producer surplus to explain why economists say competitive markets are

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