When a competitive market is in equilibrium what is the economically efficient level of output?

Quesiton : When a competitive market is in equilibrium what is the economically efficient level of output?

Answer: the output level where marginal cost is equal to marginal benefit

When a competitive market is in equilibrium what is the economically efficient level of output? the marginal benefit of consumption is equal to the marginal costs of production. is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production; is a market outcome in which the sum of consumer surplus and producer surplus is at a maximum . When a competitive market is in equilibrium what is the economically efficient level of output ? a. Any output level where marginal benefit is greater than marginal cost . b. Any output level where marginal cost is greater than marginal benefit. c. The output level where marginal cost is equal to marginal benefit. d. Any of the above; any output level can be efficient or inefficient. 1. The competitive market system matches supply and demand in order to arrive at an equilibrium price and equilibrium quantity. The government can not possibly select the correct price (and adjust it when it changes) more efficiently than a government. 2. The more there is of a good the less value each additional unit carries. Equilibrium in a competitive market =economically efficient level of output at which marginal benefit = marginal cost Economic Surplus: the sum of consumer and producer surplus Deadweight loss: the reduction in economic surplus resulting from a market not being in competitive equilibrium Equilibrium in a competitive market results in the ... Allocative and productive efficiency . When drawing diagrams for firms allocative efficiency is satisfied if output is produced at the point where marginal cost is equal to average revenue. This is the case for the long-run equilibrium of perfect competition . Efficiency in perfectly competitive markets. On the other hand consider what it would mean if—compared to the level of output at the allocatively efficient choice where P=MC —firms produced a greater quantity of flowers. At a greater quantity marginal costs of production would increase so that P