The idea of efficiency is used to address which of the following questions?
A. Why isn't everyone already doing it?
B. How will others respond?
C. What are the trade-offs?
D. What are the wants and constraints of those involved?
Answer: A
You might also like to view...
Refer to Scenario 12.3. What price would this new drink sell for if it sold in a competitive market?
A) 0 B) $3 C) $13.50 D) $16.50 E) $27
If a business is earning an economic profit in a competitive market, it is
a. price gouging its customers. b. exploiting it workers. c. producing goods and services that are valued more highly than the resources required to produce them. d. producing goods and services in a market that is characterized by high entry barriers.
When a firm is awarded a patent, it is given monopoly rights to the production of that product for ________ years.
A. 10 B. 20 C. 30 D. 50
The government sets a price floor for corn which is above the equilibrium price of corn. As a result, ________
A) the corn market will be efficient B) a deadweight loss will be created C) a shortage of corn will be created D) none of the above answers is correct