If There Is a Market Outcome in Which the Marginal

question 1

Multiple Choice

If 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 consumer surplus plus producer surplus is maximized, then

• A)maximum deadweight loss occurs.
• B)economic efficiency is achieved.
• C)profits are maximized.
• D)costs are minimized.

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Definitions:

Method Heading

The part of a method in programming that specifies the method's name, return type, and parameters.

Return Type

The data type of the value that a method returns to the caller.

Accompanying Figure

A reference term used to describe figures, diagrams, or illustrations that are included with a text to provide additional information or clarity.

Local Identifier

A local identifier is a name used to identify a variable or function within a limited scope, such as within a function or block.