Question

________ is defined as a market outcome in which the marginal benefit to consumers of the last unit produced is equal to the marginal cost of production, and in which the sum of consumer surplus and producer surplus is at a maximum.

Answer 1

Answer:

Economic efficiency

Explanation:

Economic efficiency is when the allocation of resources in an economy is fully optimal and benefits all economic agents. It is when nothing can be improved without putting another at a disadvantage.

It is when there's equilibrium in the economy.

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