Solution-Benefit to consumers of the last unit produced

Benefit to consumers of the last unit produced

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Reference no: EM132235427

Economic efficiency 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:

1 the sum of consumer surplus and producer surplus is at a maximum.

2 economic surplus is minimized.

3 the sum of the benefits to firms is equal to the sum of the benefits to consumers.

4 the sum of consumer surplus and producer surplus is minimized.

Reference no: EM132235427

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Benefit to consumers of the last unit produced

Reference no: EM132235427

Reference no: EM132235427

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