Principles of Microeconomics, 7th Edition

Published by South-Western College
ISBN 10: 128516590X
ISBN 13: 978-1-28516-590-5

Chapter 7 - Part III - Consumers, Producers, and the Efficiency of Markets - Quick Check Multiple Choice - Page 152: 4

Answer

c

Work Step by Step

Resource allocation is said to be efficient when it maximizes the total surpluses. Total surplus refers to the sum total of consumer surplus and producer surplus. Hence, one can say that resources are efficient allocated when such allocation is maximizing the sum total of consumer and producer surplus.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.