________ is maximized in a competitive market when marginal benefit equals marginal cost.
A)Deadweight loss
B)Marginal profit
C)Economic surplus
D)Selling price

Question

Quizplus · Accepted Answer

Economic surplus, also known as social welfare or total surplus, is the sum of consumer surplus and producer surplus. This is maximized in a competitive market when marginal benefit equals marginal cost, as this results in the efficient allocation of resources and maximizes the overall benefit to society.

________ Is Maximized in a Competitive Market When Marginal Benefit