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:

Physiological Differences

Variations among individuals in their physical functioning and structures.

Inherited Genes

Genetic material passed down from parents to offspring that influences characteristics and susceptibility to certain diseases.

Temperament

Temperament is a person's or animal's nature, especially as it permanently affects their behavior, involving aspects of their personality and emotional responses.

Secure Attachment

A stable and positive emotional bond between an infant and their caregiver, characterized by comfort and confidence in accessibility and responsiveness.