Economic Efficiency Is Achieved When There Is a Market Outcome

question 56

Multiple Choice

Economic efficiency is achieved when 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

• A)economic surplus plus consumer surplus equals producer surplus.
• B)consumer surplus plus producer surplus is maximized.
• C)economic surplus is minimized.
• D)the difference between consumer surplus and producer surplus is maximized.

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Definitions:

Popliteal Artery

The major artery located behind the knee that branches from the femoral artery and supplies blood to the lower leg.

Axillary Artery

A major blood vessel that carries oxygenated blood to the lateral aspect of the thorax, armpit, and upper limb.

Brachium

Refers to the upper arm area, specifically the portion between the shoulder and the elbow.

Esophageal Arteries

Arteries that supply blood to the esophagus.