________ 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)Producer efficiency
D)Deadweight efficiency

Question

Quizplus · Accepted Answer

This is a definition of economic efficiency, where the market is producing the optimal amount of goods/services because the marginal benefit to consumers equals the marginal cost of production, maximizing the total welfare in the market (the sum of consumer surplus and producer surplus).

________ Is Defined as a Market Outcome in Which the Marginal