Answer: B. an output of the product that is less than the amount consistent with ideal economic efficiency
Explanation: Economic efficiency is the state in which all available resources are optimally allocated to serve each individual or entity in the best way while reducing to the minimum, waste and inefficiency. In reality, economic efficiency has shown that nothing can be improved without something else being hurt.
When competitive forces are weak, it leads to decrease in output as economic efficiency is only maximized when price is equal to marginal revenue because at this point both profit and efficiency are maximized.
Answer:
standard of due care
Explanation:
Based on the information provided within the question it can be said that this is best known as the standard of due care. This term refers to the efforts made by an individual in order to avoid harm being done to another party, thus taking into consideration all the aspects involved and performing the action as any other party would be expected to perform them.
