Which of the following are necessary for markets to lead to a socially optimal level and distribution of output. Choose all that apply. a. Perfectly competitive marketsb. Market prices that incorporate externalities. c. Technological progress. d. No non-market output; all output is sold through markets. e. No transactions costs. f. No inheritance of wealth.

Explanation:

In order for a socially optimal level and distribution of output to be reached, certain things are necessary such as perfectly competitive markets as this will ensure that resources are being used most efficiently.

Market prices should incorporate externalities which means that they will be charged at a socially optimal level and all output should be sold through the markets. There must also be no inheritance of wealth as the distribution of output will be inefficient should this be the case.

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