When a competitive equilibrium is achieved in a market a. the total benefits to consumers are equal to the total benefits to producers. b. economic surplus equals the deadweight loss. c. all individuals are better off than they would be if a price ceiling or price floor were imposed by government. d. the total net benefit to society is maximized?

Banana computers has decided to procure processing chips required for its laptops from external suppliers instead of manufacturing them in their own facilities. how will this decision affect the firm? a. the firm will be protected against the principal-agent problem. b. the firm's administrative costs will be low because of necessary bureaucracy. c. the firm will have more flexibility in purchasing and comparing prices of goods and services. d. the firm will have high-powered incentives, such as hourly wages and salaries.