When a competitive market is in equilibrium, what is the economically efficient level of output? a. the output level where marginal cost is equal to marginal benefit b. any output level where marginal cost is greater than marginal benefit c. any output level where marginal benefit is greater than marginal cost d. all of the above.

The correct answer is option A.

Explanation:

An economically efficient level of output is the level of output where the marginal benefit earned from the consumption is equal to marginal cost of production.

At this point, the consumer surplus and producer surplus will be maximum. The economic surplus which is a sum of both economic surplus and producer surplus will also be maximum.

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