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Economics
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An efficiency loss (or deadweight loss):

A. Is measured as the combined loss of consumer surplus and producer surplus from over- or underproducing.

B. Results from producing a unit of output for which the maximum willingness to pay exceeds the minimum acceptable price

C. Can result from underproduction, but not from overproduction.

D. Can result from overproduction, but not from underproduction.

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Mahe Alam
Mahe AlamLv10
19 Jan 2021
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Related questions

At the output level defining allocative efficiency:

a. The maximum willingness to pay for the last unit of output equals the minimum acceptable price of that unit of output.

b. The areas of consumer and producer surplus necessarily are equal.

c. Marginal benefit exceeds marginal cost the greatest amount.

d. Consumer surplus exceeds producer surplus by the greatest amount.

Ā 

At the output level defining allocative efficiency:
Ā 
(i) the maximum willingness to pay for the last unit of output equals the minimum acceptable price of that unit of output.
(ii) the areas of consumer and producer surplus necessarily are equal.
(iii) marginal benefit exceeds marginal cost the greatest amount.
(iv) consumer surplus exceeds producer surplus by the greatest amount.

At the output level that maximizes economic surplus

a. the areas of consumer and producer surplus necessarily are equal.

b. marginal benefit exceeds the marginal cost by the greatest amount.

c. consumer surplus exceeds producer surplus by the greatest amount.

d. the maximum willingness to pay for the last unit of output equals the minimum acceptable price of that unit of output.

Ā 

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