Correctly Complete the Sentences Below from the Options Which Follow

question 37

Short Answer

Correctly complete the sentences below from the options which follow.
(a) Private efficiency in consumption is where:
(b) Efficiency in production for the producer is where:
(c) Social efficiency in the market is where:

(i)marginal social benefit (MSB) equals marginal social cost (MSC).
(ii)price equals marginal utility (MU).
(iii)marginal cost (MC) equals price.

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Definitions:

Unrelated Groups

Groups in a study that are independent from each other, where the participants in one group are not matched or linked to those in other groups.

Hypothesis Testing

A statistical method that uses sample data to evaluate a hypothesis about a population parameter.

Critical Value

A threshold in statistics that the test statistic must exceed for the null hypothesis to be rejected in significance testing.

Type I Error

The incorrect rejection of a true null hypothesis, also known as a "false positive."