At the Output Level Corresponding to the Efficient Quantity of a Good

question 1

Multiple Choice

At the output level corresponding to the efficient quantity of a good,

• A)the value of the last unit can be negative for some consumer
• B)the value of the last unit to some consumer equals the minimum price some seller must receive for producing it
• C)the distribution of the good is fair
• D)the minimum price some consumer must pay for the last unit equals the value of the unit to some producer
• E)the price is the lowest that a typical firm would ever be willing to accept

---

Definitions:

Grams

A metric unit of weight equivalent to one thousandth of a kilogram, widely used in science and everyday commerce.

Conversion Formula

A mathematical equation used to change units from one system to another or to transform data into a different format.

Hours

A unit of time equal to 60 minutes or 3,600 seconds.

Minutes

A unit of time equal to one-sixtieth of an hour or 60 seconds, used in the measurement of time.