If There Is a Market Outcome in Which the Marginal

question 1

Multiple Choice

If there is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and consumer surplus plus producer surplus is maximized, then

• A)maximum deadweight loss occurs.
• B)economic efficiency is achieved.
• C)profits are maximized.
• D)costs are minimized.

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Definitions:

Relationship

The way in which two or more concepts, objects, or people are connected, or the state of being connected.

Isolated

Being far away from other places, buildings, or people; remote or separated, often leading to limited access to resources or social interaction.

Self-esteem

An individual's subjective evaluation of their own worth or abilities.

Rejuvenating

The process of making someone or something look or feel better, younger, or more vital.