Efficient markets: A. maximize total surplus. B. can occur without a central planner or government

Efficient markets:

A. maximize total surplus.

B. can occur without a central planner or government

intervention.

C. occur when a perfectly competitive, well-functioning market is in equilibrium.

D. All of these are true.

Positive analysis:

A. involves objective analysis about the way things "are" or "is".

B. involves value judgments concerning the desirability of alternative outcomes.

C. involves analysis that weighs the fairness of a policy.

D. none of the above.