Which of the following conditions holds in an economically efficient competitive market equilibrium?  Select one: a. The marginal benefit of the last unit produced and consumed is maximized. b. The deadweight loss is positive but at a minimum. c. Producer and consumer surplus are exactly equal in size. d. There are no positive and no negative external effects from consumption and production.

3 and 4 please.   Thank you

4. Study Questions and Problems #4 The U.S. government fights the use of illegal drugs in a variety of ways, including spraying crops with poisonous chemicals; imposing jail sentences for dealers; and confiscating drug transporting cars, boats, and planes. Which market failure motivates government to intervene? O Externalities O Public goods Lack of competition

2