Economic Efficiency Is Achieved When There Is a Market Outcome

question 56

Multiple Choice

Economic efficiency is achieved when there is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and

• A)economic surplus plus consumer surplus equals producer surplus.
• B)consumer surplus plus producer surplus is maximized.
• C)economic surplus is minimized.
• D)the difference between consumer surplus and producer surplus is maximized.

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Definitions:

Hemoglobin

A molecule found in red blood cells responsible for transporting oxygen from the lungs to various tissues throughout the body and conveying carbon dioxide from those tissues back to the lungs.

Oxygen

A chemical element vital for life, involved in cellular respiration and provided in medical treatments to support breathing.

Abnormal White Blood Cells

White blood cells that exhibit unusual size, shape, or structure, which can indicate a range of health issues, including infections and blood disorders.

Bone Marrow

A soft, spongy tissue found inside bones, responsible for the production of blood cells.