Economic Efficiency Is Achieved When There Is a Market Outcome

question 56

Multiple Choice

Economic efficiency is achieved when there is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and

• A)economic surplus plus consumer surplus equals producer surplus.
• B)consumer surplus plus producer surplus is maximized.
• C)economic surplus is minimized.
• D)the difference between consumer surplus and producer surplus is maximized.

---

Definitions:

Monogenic

Describes a trait or condition determined by a single gene, often contrasting with polygenic traits which are influenced by multiple genes.

Simple Sugar

Basic forms of carbohydrates that can be quickly absorbed and utilized by the body for energy.

Phosphate

Phosphate is a chemical compound containing phosphorus and oxygen, vital for many biological processes, including energy transfer and bone formation.

Teratogens

Agents or factors that cause malformation of an embryo or fetus, such as chemicals, viruses, and drugs.