When Economic Efficiency Is Attained, It Implies All of the Following

question 108

Multiple Choice

When economic efficiency is attained, it implies all of the following, except:

• A) Per-unit cost of output produced is at minimum
• B) Allocative efficiency is achieved
• C) Total consumer and producer surplus is at a maximum
• D) The gap between marginal benefits and marginal costs of production is at maximum

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Definitions:

Seller

refers to an individual or entity that offers goods or services for sale to consumers or other businesses.

Merchant

An individual or business engaged in the selling of goods or services, especially those involved in wholesale or retail trade.

Risk of Loss

Refers to the financial and legal responsibility for damage, destruction, or loss of goods, usually determined by the terms of sale like F.O.B.

Identification

The act of identifying or confirming the identity of an individual or object.