What is meant by the term "economic efficiency"?
What will be an ideal response?
Economic efficiency refers to a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum of consumer surplus and producer surplus is at a maximum.
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Pricing between two networks that are completing each other's calls is not affected by the volume of calls going in the two directions
Indicate whether the statement is true or false
Which of the following statements best describes the outcome of a change in demand?
a. A change in the demand of a good never causes the demand curve for that good to shift. b. A change in the demand of a good never causes the demand or supply curve for that good to shift. c. A change in the demand of a good never causes the supply curve for that good to shift. d. A change in the demand of a good causes the demand and supply curves for that good to shift.
Which of the following does consumption rely on to provide goods and services:
A. Producers B. Consumers C. Owners D. Deciders
The public debt is the:
a. Difference between current government expenditures and revenues b. Total of all past deficits minus all past surpluses c. Ratio of all past deficits to all past surpluses d. Amount of U.S. paper currency in circulation