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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Under what condition might persons buy more thing than the efficient amount for them to buy?

To determine

Explain the condition in which person will consume more of something than the efficient amount they will consume.

Explanation

Based on the marginal benefit and marginal cost condition, a person consumes more of one good than the efficient amount he will consume. Assume that for a buyer, the optimal outcome occurs at 10 units of good X...

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