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The socially optimal level of output is the quantity of a good or service that maximizes total social welfare. In the context of Intermediate Microeconomics II, social welfare is generally understood as the sum of consumer surplus and producer surplus, while also considering any externalities (positive or negative) that may be present in the market. The socially optimal output occurs when the marginal social benefit (MSB) equals the marginal social cost (MSC) of production. In a perfectly competitive market with no externalities, the socially optimal level of output _________ ______ ___ _______ ____ _________.
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