When no one can be made better off without making someone else worse off, the economy is
a) in a steady state
b) operating at full capacity
c) Pareto efficient
d) autarkic
e) operating under oligopolistic conditions
c) Pareto efficient
You might also like to view...
Interlace, Inc produces and a unique soda. The company cannot price discriminate. The figure above shows Interlace's demand curve, marginal revenue curve, and marginal cost curve. Interlace's profit maximizing level of output is
A) 30,000 bottles. B) 50,000 bottles C) 100,000 bottles D) 0; that is, the firm shuts down.
Which of the following is not a result of a U.S. tariff on foreign autos?
a. increase the price of imported autos b. increase the price of domestic autos c. decrease the quantity of foreign autos purchased by U.S. consumers d. decrease the quantity of domestic autos purchased by U.S. consumers
The key difference between monopolistic competition and perfect competition is that in monopolistic competition the tangency of
a. AC and the demand curve occurs along the negatively sloped part of AC. b. the demand curve and AC occurs at the minimum point of the AC curve. c. AC and the demand curve occurs along the positively sloped part of AC. d. MC and MR at the optimum output.
The manager of the customer service department at a bank can hire employees with a high school degree (HS) who earn $10,000 annually or employees with a bachelor's degree (B) who earn $20,000. The manager wants to maximize the number of customers served given a fixed payroll.
Given the above info, if the manager has a payroll of $80,000, how should the budget be allocated in order to maximize the number of customers served?
A. Hire four HS and two B. B. Hire three HS and one B. C. Hire two HS and three B. D. Hire one HS and two B.