Which of the following are characteristics of an efficient market? (Select all that apply, can choose more than 1).
A.Only producer surplus is maximized.
B.Only consumer surplus is maximized.
C.Total surplus (aka social welfare) is maximized.
D.Quantity supplied equals quantity demanded.
E.Deadweight loss equals zero.
F.Willingness to pay exceeds willingness to sell at the margin.
G.Willingness to sell exceeds willingness to pay at the margin.
H.There is a tax.
I.There is a price ceiling.
J.There is a price floor.
K.Every consumer who purchases an item values it more than its cost of production.