Asked by Callie Howard on Jun 26, 2024
Verified
Refer to Figure 15.2. From society's viewpoint, the ________ level of output is 50 perms.
A) minimum
B) efficient
C) monopoly
D) shut down
Efficient Level
The optimal point of production or operation at which a firm, economy, or system can produce goods or services with the minimum waste of resources.
Society's Viewpoint
Represents the collective opinions and social perspectives held by a community or the public on various issues.
Monopoly
A market structure characterized by a single seller controlling a large portion of the market and the ability to influence prices and output.
- Examine the efficiency level of output and its societal implications.
Verified Answer
CF
Christian FowlerJun 27, 2024
Final Answer :
B
Explanation :
The efficient level of output is the one that maximizes societal welfare, typically where marginal cost equals marginal benefit. Without seeing Figure 15.2, this principle suggests that if society views 50 perms as the efficient level, it is because this output level balances production costs and consumer benefits optimally.
Learning Objectives
- Examine the efficiency level of output and its societal implications.