________ 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 the sum of consumer surplus and producer surplus is at a maximum
A) Economic efficiency B) Consumer efficiency
C) Deadweight efficiency D) Producer efficiency
A
You might also like to view...
If the price of the good measured on the horizontal axis falls, a consumer's budget line
A) becomes flatter. B) becomes steeper. C) shifts rightward and its slope does not change. D) shifts leftward and its slope does not change.
The marginal revenue product is
a. TR/P b. w/Q c. MPP × P d. MRP × P e. w × L
On a PPF with two products, health care and housing, what would occur in a stagnant economy if health care output increased?
A. Housing would increase. B. Deflation would occur. C. Housing would decrease. D. The stagnation would end.
In a private closed economy, the two components of aggregate expenditures are:
A. Consumption and government spending B. Consumption and net exports C. Consumption, investment, and net exports D. Consumption and investment