Question

When the market system allocates inputs efficiently to produce goods and services that best satisfy consumer wants, which of the following is true? The price of a good represents the marginal benefit consumers receive from consuming the last unit of the good sold. II. Perfectly competitive firms produce up to the point where the price of the good equals the marginal cost of producing the last unit. III. Firms produce up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it. A) I B) II C) I and II D) III E) I, II, and III

          When the market system allocates inputs efficiently to produce goods and services that best satisfy consumer wants, which of the following is true?
The price of a good represents the marginal benefit consumers receive from consuming the last unit of the good sold.
II. Perfectly competitive firms produce up to the point where the price of the good equals the marginal cost of producing the last unit.
III. Firms produce up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it.
A) I
B) II
C) I and II
D) III
E) I, II, and III

when the market system allocates inputs efficiently to produce goods and services that best satisfy consumer wants which of the following is true the price of a good represents the marginal 79283

Added by Daniel G.

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