When the Rate of Output Is at the Socially Efficient

question 18

True/False

When the rate of output is at the socially efficient level,the total willingness to pay is as large as possible.
At the socially efficient level of output net social value which is equal to total WTP minus total costs is as large as possible.

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Definitions:

Forebrain

The anterior part of the brain, including the cerebral hemispheres, thalamus, and hypothalamus, involved in complex functions.

Afferent

Relating to or denoting nerve fibers that carry sensory information toward the central nervous system.

Efferent

Referring to nerve fibers that carry signals away from the central nervous system to the peripheral effectors, such as muscles or glands.

Midbrain

A portion of the central nervous system associated with vision, hearing, motor control, sleep/wake, arousal (alertness), and temperature regulation.