A Perfectly Competitive Industry Achieves Allocative Efficiency Because

A perfectly competitive industry achieves allocative efficiency because

A) goods and services are produced at the lowest possible cost.
B) goods and services are produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it.
C) it produces where market price equals marginal production cost.
D) firms carry production surpluses.

Correct Answer:

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