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Which of the following is not a reason why the market outcomes maximizes total surplus?
a. At the market outcome every unit that has a marginal benefit to consumers that is at least as large as the marginal cost of production is produced.
b. The market outcome assures that the good is allocated to the consumers with the highest willingness to pay
c. The market outcome maximizes the average consumer surplus.
d. The market outcome assures that the producers that supply the good are the lowest cost producers
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Compute the marginal revenue when the price elasticity of demand is −0.25.
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