When the Efficient Quantity of Output Is Produced

question 59

Multiple Choice

When the efficient quantity of output is produced,

• A) the sum of consumer surplus and producer surplus is maximised.
• B) the marginal social benefit of the last unit produced is equal to the marginal social cost of the last unit produced.
• C) resources are used in the activities in which they are most highly valued.
• D) All of the above answers are correct.

---

Definitions:

Inflated Expectations

Exaggerated anticipations or beliefs beyond what is reasonable or achievable, often leading to disappointment.

Job Performance

The extent to which an employee successfully fulfills the duties, tasks, and responsibilities of their job position.

Proactive Behaviours

Proactive behaviours involve taking initiative and acting in advance of a future situation, rather than just reacting, to change or control a situation.

Feedback Seeking

Requesting information about how one is performing one’s tasks and role.