Input efficiency:
B. is not a requirement of Pareto efficiency in a production economy.
C. exists when it is possible to produce more of one good and at least as much of every other good using the same inputs.
D. is the same as efficient efficiency.
A. means that holding constant the total amount of each input used in the economy, there is no way to increase any firm's output without decreasing the output of another firm.
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Marginal tax rates and average tax rates are rarely the same. What happens to the relationship between marginal tax rates and average tax rates as incomes rise in the highest tax brackets?
What will be an ideal response?
Suppose you are considering buying stock in the stock market, and your objective is to maximize your net worth. Furthermore, your study of the market reveals that the economy will be slowing down over the next several months
Under these conditions, it would be best to purchase stock in companies that produce A) normal goods. B) luxury goods. C) price elastic goods. D) inferior goods.
Price cannot fall so low that some sellers choose to supply a quantity of zero
a. True b. False Indicate whether the statement is true or false
When you have to give up one opportunity in order to choose another, the value of the opportunity that is not chosen is called the
A. opportunity cost. B. forgone value. C. opportunity price. D. choice equilibrium.