-Refer to the Above Figure $P _ { 1 }$ And $\mathrm { Q } _ { 1 }$

question 110

Multiple Choice

-Refer to the above figure.What is the socially optimal point of production?

• A) \(P _ { 1 }\) and \(\mathrm { Q } _ { 1 }\) .
• B) \(\mathrm { P } _ { 4 }\) and \(\mathrm { Q } _ { 1 }\) .
• C) \(P _ { 1 }\) and \(\mathrm { Q } _ { 4 }\) .
• D) \(\mathrm { P } _ { 3 }\) and \(\mathrm { Q } _ { 2 }\) .

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Definitions:

Living Standard

The degree of prosperity, ease, physical items, and essential needs accessible to an individual, community, or social group.

Per Capita

A statistical measure that divides a total figure by the population number, providing an average per person.

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of all goods and services produced by an economy in real terms.

Energy Consumption

The total amount of energy used by an individual, organization, or society.