According to economists, a market is efficient if:
Group of answer choices
All of the answers explain how economists evaluate the efficiency of any market.
The market price of the good is equal to the marginal cost of producing the last unit of that good.
The sum of producer surplus and consumer surplus is maximized in the market; that is, there is no deadweight loss.
In the long run, firms in the market will be producing at a point where the average total cost is at a minimum (i.e., at the bottom of the ATC curve).