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.

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Definitions:

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