When the rate of output is at the socially efficient level, _______________.

Name: When the rate of output is at the socially efficient level, _______________.
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Question

Quizplus · Accepted Answer

When the rate of output is at the socially efficient level, net social value, which is equal to total WTP minus total costs, is as large as possible. This means that society as a whole experiences the maximum benefits from the production and consumption of the good or service. Therefore, option A is the correct answer.

When the Rate of Output Is at the Socially Efficient