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:

Internal Attributions

Attributing behavior to personal traits rather than external factors.

Unusual Situation

A scenario or circumstance that deviates significantly from what is considered normal or expected.

Videotape

A magnetic tape used for recording visual images and sound for television broadcasting or personal use.

Peripheral Route

A method of persuasion that relies on superficial cues or aspects, such as the attractiveness of the speaker, instead of the quality of the arguments.