Which of the following conditions does not need to occur for a market to achieve allocative efficiency? Consumers' maximum willingness to pay equals producers' minimum acceptable price for the last unit of output. The total revenue received by producers equals the total cost of production. The marginal benefit of the last unit produced equals the marginal cost of producing that unit. The sum of producer and consumer surplus is maximized.
Which of the following conditions does not need to occur for a market to achieve allocative efficiency? Consumers' maximum willingness to pay equals producers' minimum acceptable price for the last unit of output. The total revenue received by producers equals the total cost of production. The marginal benefit of the last unit produced equals the marginal cost of producing that unit. The sum of producer and consumer surplus is maximized.
Chapter1: Making Economics Decisions
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![Which of the following conditions does not need to occur for a market to achieve
allocative efficiency?
Consumers' maximum willingness to pay equals producers' minimum acceptable
price for the last unit of output.
The total revenue received by producers equals the total cost of production.
The marginal benefit of the last unit produced equals the marginal cost of producing
that unit.
The sum of producer and consumer surplus is maximized.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F65a8e990-5360-43af-b3a8-27c1c40fb79a%2F10508762-8ccf-4600-9017-a3e464a9a88a%2F1peiypi_processed.png&w=3840&q=75)
Transcribed Image Text:Which of the following conditions does not need to occur for a market to achieve
allocative efficiency?
Consumers' maximum willingness to pay equals producers' minimum acceptable
price for the last unit of output.
The total revenue received by producers equals the total cost of production.
The marginal benefit of the last unit produced equals the marginal cost of producing
that unit.
The sum of producer and consumer surplus is maximized.
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