Society will produce ________ if price and marginal cost are equated for all firms.

Name: Society will produce ________ if price and marginal cost are equated for all firms.
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Question

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When price equals marginal cost for all firms, it results in the efficient allocation of resources, leading to the production of an efficient mix of output. This principle is a fundamental concept in microeconomics, indicating that resources are being used in a way that maximizes consumer and producer surplus.

Society Will Produce ________ If Price and Marginal Cost Are