Resource allocation is efficient from a societal standpoint if a good is produced until the_____ is equal to the _____ of production.

Name: Resource allocation is efficient from a societal standpoint if a good is produced until the_____ is equal to the _____ of production.
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Question

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Resource allocation is considered efficient from a societal standpoint when the price of a good is equal to its marginal cost. This condition ensures that the resources are used in a way that maximizes the net benefits to society.

Resource Allocation Is Efficient from a Societal Standpoint If a Good