Economic theory leads to the conclusion

Reference no: EM13696025

Economic theory leads to the conclusion that, under certain circumstances, the free-market outcome is efficient. Specifically, an outcome is said to be efficient if:

a. the living standards of each member of society are maximized.

b. the marginal benefit of the last unit produced in each market equals the marginal cost.

c. the marginal benefit of the last unit produced in each market is maximized.

d. consumer surplus is equal to producer surplus.

Reference no: EM13696025

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