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36. What two conditions must hold for a competitive market to
produce efficient outcomes? A. Demand curves must reflect all costs
of production, and supply curves must reflect consumers’ full
willingness to pay. B. Supply curves must reflect all costs of
production, and demand curves must reflect consumers’ full
willingness to pay. C. Firms must minimize production costs, and
consumers must minimize total expenditures. D. Firms must maximize
profits, and consumers must all pay prices equal to their maximum
willingness to pay.