When the allocation of resources is such that a different allocation would increase society's welfare, economists say:
A)there is market failure.
B)the efficiency condition is met.
C)decision makers have faced the marginal benefits and marginal costs of their decisions.
D)producers have maximized total cost.

Question

Quizplus · Accepted Answer

Market failure occurs when the allocation of resources is not efficient and a different allocation could increase society's welfare.

When the Allocation of Resources Is Such That a Different