Multiple Choice
Allocative efficiency means that
A) the product is produced at the lowest unit-cost possible.
B) society's scarce resources are used to produce products that align with consumer preferences.
C) the product is sold at a price equal to the average cost of producing it.
D) the marginal benefit of the product exceeds its marginal cost.
Correct Answer:
Verified
Correct Answer:
Verified
Q199: Which of the following is an example
Q200: Suppose that Betty's Beads is a typical
Q201: If the long-run supply curve is upward
Q202: Assume that the market for corn is
Q203: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8602/.jpg" alt=" The accompanying graphs
Q205: Assume the market for ball bearings is
Q206: We would expect an industry to expand
Q207: Suppose losses cause industry X to contract
Q208: Approximately what percentage of start-up firms in
Q209: Which firms will be the most likely