Resources Are Efficiently Utilized When Production Is Such That Marginal

question 172

Multiple Choice

Resources are efficiently utilized when production is such that marginal social benefit

• A) is equal to marginal social cost.
• B) exceeds marginal social cost by as much as possible.
• C) is less than marginal social cost.
• D) None of the above because efficiency has to do with property rights and has nothing to do with marginal social benefit or marginal social cost.

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Definitions:

Evolutionary Psychologist

A professional who studies the role of evolutionary processes in shaping human behavior and mental processes.

Cognitive Psychologist

A professional who studies mental processes such as perception, memory, and problem-solving.

Behavioral Psychologist

A professional who studies and applies principles of learning and behavior to understand and modify human actions.

Sociocultural Psychologist

A professional who studies how societal and cultural influences affect individual behaviors and mental processes.