Use the figure to answer the following question(s).
Figure 11-6
-The demand and cost conditions in an industry are as depicted in Figure 11-6. In the viewpoint of economic efficiency, what would the ideal price and output be?

Question

Use the figure to answer the following question(s).
Figure 11-6 
-The demand and cost conditions in an industry are as depicted in Figure 11-6. In the viewpoint of economic efficiency, what would the ideal price and output be?

Quizplus · Accepted Answer

The ideal price and output for economic efficiency occur where marginal cost equals marginal benefit, which typically corresponds to the intersection of the demand curve and the marginal cost curve, represented by price P2 and quantity Q2.

Use the Figure to Answer the Following Question(s)