When production reflects consumer preferences, ________ occurs
A) productive efficiency B) allocative efficiency
C) equity D) efficient central planning
B
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You are in the business of producing and selling hamburgers, french fries, pizza, and ice cream. The mayor plans to impose a tax on one of these products
Based on the elasticities in the above table, as a profit-minded business person who seeks to avoid taxes whenever possible, which good would you least like to have taxed? A) hamburgers B) pizza C) French fries D) ice cream
The aggregate supply curve in the classical model is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping.
Which of the following is not a part of the scientific method in economics?
a. normative statements b. comparing predictions to evidence c. formulating a hypothesis d. a hypothesis e. behavioral assumptions
Price discrimination is often used by businesses. Explain the conditions under which price discrimination is practiced
What will be an ideal response?