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.

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Definitions:

Etiology

The study of the causes or origins of diseases or disorders, including the factors contributing to the development of a condition.

Disorder

A disruption to normal physical or mental functions, presenting as a set of symptoms and signs that collectively indicate a particular disease or psychological condition.

Population Affected

Refers to the specific group of individuals impacted by a certain condition, event, or policy.

Causes

The reasons or explanations for the occurrence of a particular disorder, disease, or phenomenon.