Refer to the information provided in Figure 16.3 below to answer the question(s) that follow. Figure 16.3
-Refer to Figure 16.3. The ________ level of output of this product is 15.
A) unregulated
B) efficient
C) break-even
D) market

Question

Refer to the information provided in Figure 16.3 below to answer the question(s) that follow.  Figure 16.3
-Refer to Figure 16.3. The ________ level of output of this product is 15.
A) unregulated 
B) efficient 
C) break-even 
D) market

Quizplus · Accepted Answer

The efficient level of output is the quantity at which the marginal social benefit of consuming the product equals the marginal social cost of producing it, typically considered the socially optimal level of production.

Refer to the Information Provided in Figure 16