Economic Efficiency Is Defined as a Market Outcome in Which

question 32

Multiple Choice

Economic efficiency is defined as a market outcome in which the marginal benefit to consumers of the last unit produced is equal to the marginal cost of production, and in which

• A)the sum of consumer surplus and producer surplus is at a maximum.
• B)economic surplus is minimised.
• C)the sum of the benefits to firms is equal to the sum of the benefits to consumers.
• D)the sum of consumer surplus and producer surplus is minimised.

---

Definitions:

African American

An alternative definition for individuals in the U.S. whose ancestry can be traced back to Africa, focusing on cultural, historical, and social aspects.

Decreasing

Becoming less in size, quantity, or frequency over time.

Middle Eastern Parents

refers to guardians or caretakers from countries in the Middle East, often characterized by cultural norms and values unique to the region.

Domestic Chores

Tasks and activities conducted in the maintenance of a household, such as cleaning, cooking, and laundry, traditionally performed by members of the household.