When Economic Efficiency Is Attained, It Implies All of the Following

question 19

Multiple Choice

When economic efficiency is attained, it implies all of the following, except

• A)per-unit cost of output produced is at minimum.
• B)allocative efficiency is achieved.
• C)total consumer and producer surplus is at a maximum.
• D)the gap between marginal benefits and marginal costs of production is at maximum.

---

Definitions:

Prediction

The act of making a forecast or estimate about a future event based on current knowledge or information.

Theory

A theory is a well-substantiated explanation of some aspect of the natural world, based on a body of facts that have been repeatedly confirmed through observation and experiment.

Brain Evolved

The process by which the brain has developed and changed over millions of years through evolutionary pressures.

Years Ago

A non-specific term used to indicate a specific amount of time in the past from the current point.