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Lecture Chapter 7: Consumers, Producers, and the Efficiency of Markets
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Lecture Chapter 7: Consumers, Producers, and the Efficiency of Markets, In this chapter you will: To measure of society’s well-being, we use total surplus, the sum of consumer and producer surplus. Efficiency means that total surplus is maximized, that the goods are produced by sellers with lowest cost, and that they are consumed by buyers who most value them. Under perfect competition, the market outcome is efficient. Altering it would reduce total surplus. |