When the Efficient Quantity Is Produced

question 116

Multiple Choice

When the efficient quantity is produced

• A)marginal social benefit equals marginal social cost.
• B)the quantity demanded equals the quantity supplied.
• C)resources are used in the activities in which they are most highly valued.
• D)the sum of consumer surplus and producer surplus is maximized.
• E)all of the above.

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Definitions:

Preselling

The practice of offering products or services for sale before they are released or available, to gauge customer interest and secure funding.

Crowdfunding

The process of raising funding for a new venture from a large audience (the “crowd”), typically through the Internet.

Task Completion

The act of finishing a specific duty or assignment that has been started.

Product

An item created through a process and offered for sale to meet a need or want, encompassing both physical goods and services.