Resources Are Used Efficiently When

question 76

Multiple Choice

Resources are used efficiently when

• A)consumers are on their marginal benefit curves.
• B)firms are economically efficient.
• C)price equals marginal social benefit equals marginal social cost.
• D)there are no external benefits or external costs.
• E)all of the above.

---

Definitions:

Graph

A graph in mathematics represents numerical values as points, lines, or areas on a coordinate plane to visually display relationships or functions.

Logarithm

The logarithm is the power to which a number, called the base, must be raised to produce a given number. For example, in base 10, the logarithm of 1000 is 3 because 10 raised to the power of 3 is 1000.

Logarithm

The power to which a base, typically 10 or e, must be raised to produce a given number.

Logarithm

The exponent or power to which a base number must be raised to produce a given number.