Choose the Best Answer

question 128

Multiple Choice

Choose the best answer.
-You might go ice skating if the outside temperature is about

• A) 11° C.
• B) -1° C.
• C) 21° C.
• D) -41° C.

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Definitions:

Deadweight Loss

The loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved or is not achievable.

Marginal Cost

The boost in comprehensive expenditure that comes from the generation of one more unit of a product or service.

Socially Efficient

A situation in which an allocation of resources maximizes total social welfare, taking into account both the benefits and costs to society as a whole.

Marginal Costs

The increase in cost due to the production of an extra unit of a product or service.