Deadweight losses occur when the quantity of an output produced is:
(i) Less than, but not when it is greater than, the competitive equilibrium quantity.
(ii) Greater than, but not when it is less than, the competitive equilibrium quantity.
(iii) Less than or greater than the competitive equilibrium quantity.
(iv) Such that the marginal benefit of the output is just equal to the marginal cost.
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Are the answers correct?Sep 09 2020