Allocative efficiency occurs in markets when
a. marginal benefit and marginal cost for the last unit sold are equal
b. resources can be reallocated to increase the value of total output
c. goods are produced at the minimum of average total cost
d. goods are distributed evenly among consumers
e. government establishes price ceilings below the market price
A
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To find an economy's long-run equilibrium price level, locate the point where ________ and ________ cross and look to the left
A) long-run aggregate supply; aggregate demand B) aggregate demand; short-run aggregate supply C) aggregate demand; price level D) demand; supply
Refer to the scenario above. What is the probability of picking a green ball from the box?
A) 12.83% B) 16.67% C) 24.75% D) 32.35%
The demand for labor curve shows the relationship between _________
A. the quantity of labor employed and firms' profits B. all households' willingness to work and the real wage rate C. the quantity of labor businesses are willing to hire and the real wage rate D. the labor force and the real wage rate
If China experienced capital flight, the supply of Chinese yuan in the market for foreign-currency exchange would shift
a. left, which would make the real exchange rate of the Chinese yuan appreciate. b. left, which would make the real exchange rate of the Chinese yuan depreciate. c. right, which would make the real exchange rate of the Chinese yuan appreciate. d. right, which would make the real exchange rate of the Chinese yuan depreciate.