Question

Economic efficiency A. is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production. B. is a market outcome in which the sum of consumer surplus and producer surplus is at a maximum. C. is a market outcome in which every individual is better off than they would be at any other market outcome. D. both a and b. E. all of the above.

Answer 1

Answer: Option (D) is correct

Explanation:

Economic efficiency is referred to as the situation where all commodities and factors of production residing within an economy are allocated or distributed in most efficient way in order to eliminate or minimize waste. It also implies to an state(economical) where resources are being optimally allocated in order to serve individuals or other entity in best way possible while trying to minimize inefficiency and waste.