Answer :
This is the optimal distribution of resources in society, taking into account all external costs and benefits as well as the internal costs and benefits. Social efficiency occurs at an output where Marginal
What is Social efficiency ?
Social efficiency defined. Given all external costs and benefits as well as internal costs and advantages, this is the best allocation of resources in society. When marginal social benefit (MSB) equals marginal social cost, social efficiency occurs (MSC).
The idea of Pareto efficiency, or the point at which it is impossible to make anyone better off without also making someone else worse off, is strongly related to social efficiency.
When the marginal social benefit (MSB) equals the marginal social cost, we say social efficiency has occurred (MSC)
If a good has a negative externality that people choose to ignore, we are more likely to see overconsumption and social inefficiency in a free market.
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