QUESTION 45 Figure: Understanding Surplus and Efficiency 16 Price (Figure: Understanding Surplus and Efficiency) Using this...

Question

Question

business economics

Answer 1

Answer #1

Efficient level of output occurs where demand and supply meets because it is called efficiency.

At efficiency ,demand that is generated by the consumer is exactly meet by the the producers supply .

So in the demand and supply curve given above they intersect at price $10

Option B is true

Answer 2

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