Author Question: When the efficient quantity of output is produced A) the marginal social benefit of the last unit ... (Read 115 times)

michelleunicorn · **on:** Jun 29, 2018

When the efficient quantity of output is produced

A) the marginal social benefit of the last unit produced is equal to the marginal social cost of the last unit produced.
B) the sum of consumer surplus and producer surplus is maximized.
C) resources are used in the activities in which they are most highly valued.
D) All of the above answers are correct.

Question 2

In the figure above, an increase in the quantity of oil supplied but NOT an increase in the supply of oil is shown by a movement from

A) point a to point e.
B) point a to point b.
C) point a to point c.
D) point a to point d.