What is the relevance of productive and allocation efficiency to the growth process?
Please provide the best answer for the statement.
Productive efficiency means resources are used in the least costly way. Locative efficiency means that the product produced are the ones most wanted by society. Not only must all of the potential input resources be used in the least costly way, but they also must be employed in such a way as to produce the output most desired by society to maximize its well-being.
As new technologies are developed and new resource supplies discovered, reallocation of resources will be required to achieve allocation efficiency. Through this process, economic growth can occur. Without allocation efficiency, the economy could become stagnant or at best achieve a growth rate that is not optimal.
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Many people believe that pure monopolies charge any price they want to without affecting sales. Instead, the output level for a profit-maximizing pure monopoly occurs where ________.
A. marginal cost equals average revenue B. average total cost equals average revenue C. marginal revenue equals average cost D. marginal revenue equals marginal cost
Keesha consumes only milkshakes and burgers. At her consumer equilibrium, which of the following is TRUE when Keesha can buy any portion of a unit of a milkshake or burger?
A) The marginal utility per dollar from a milkshake will exceed the marginal utility per dollar from a burger if she likes burgers more than milkshakes. B) The marginal utility per dollar from a burger will exceed the marginal utility per dollar from a milkshake if she likes burgers more than milkshakes. C) The marginal utility per dollar will be the same for each good. D) The marginal utility will be the same for each good.
What is an English auction?
What will be an ideal response?
If Sophia's tax liability increases from $10,000 to $15,000 when her income increases from $30,000 to $40,000, her marginal tax rate is
a. 33 percent. b. 35 percent. c. 50 percent. d. 60 percent.