Efficiency in the choice of outputs requires that marginal cost be equal to marginal revenue and nothing else.
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Q42: To be efficient, outputs should be produced
Q43: With a monopoly, the total surplus is
Q44: Under perfect competition, the lure of profits
Q45: When total surplus is maximized, then this
Q46: Total surplus is the sum of producer's
Q48: The producer's surplus is equal to the
Q49: If the allocation of resources is efficient,
Q50: With a monopoly, the consumer's surplus is
Q51: For a rational consumer, the consumer's surplus
Q52: Under perfect competition, if marginal cost is
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