Multiple Choice
When is an allocation of resources said to be inefficient
A) when a good is not being produced by the sellers with the lowest cost
B) when producer surplus is not at a minimum
C) when consumer surplus is not at a maximum
D) when equilibrium is not an equitable distribution of resources
Correct Answer:
Verified
Correct Answer:
Verified
Q22: When does inefficiency exist in an economy<br>A)when
Q23: Figure 7-6<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1272/.jpg" alt="Figure 7-6
Q24: Roger produces computer boards.His production cost is
Q25: When does efficiency occur<br>A)when total surplus is
Q26: What is the likely effect of the
Q28: What does the French expression "laissez-faire" literally
Q29: What is cost a measure of<br>A)the seller's
Q30: What does a consumer's willingness to pay
Q31: Figure 7-7<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1272/.jpg" alt="Figure 7-7
Q32: Market demand is given as Q<sub>D </sub>=