Resources Are Efficiently Utilised When Production Is Such That Marginal

question 136

Multiple Choice

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

• A) exceeds marginal social cost by as much as possible.
• B) is less than marginal social cost.
• C) is equal to 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:

Dehydration

Withdrawal of water from the tissues naturally or artificially.

Sodium

A chemical element (symbol Na) that is a highly reactive metal and an essential nutrient for living beings, playing a critical role in nerve function and fluid balance.

Normal Range

The set of values within which a physical or biological parameter is considered standard or acceptable.

MEq/L

Milliequivalents per liter, a unit of concentration used in chemistry and medicine to measure the concentration of ions in a solution.