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jake82 jake82
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A year ago
When economists describe a market for a specific product as being economically "efficient," what do they mean?

▸ Consumption of the product is such that economic surplus is maximized.

▸ Production techniques are such that resources are used in the most technologically efficient manner.

▸ There are no price controls in place in that market.

▸ The quantity of the product produced and consumed is such that the economic surplus is maximized.

▸ Production of the product is such that economic surplus is maximized.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
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hamusa4hamusa4
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A year ago
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jake82 Author
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A year ago
this is exactly what I needed
Starfiew
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Yesterday
Smart ... Thanks!
ediblefruitz
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2 hours ago
Thanks for your help!!
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