Why is efficiency desirable?
A) It results in an equal distribution of income.
B) It results in the highest prices for the goods and services produced.
C) It makes best use of the available resources.
D) It is the most politically popular solution.
Answer: C
You might also like to view...
Which of the following is not a credit item (+) in the U.S. balance of payments?
a. imports of cars from Japan b. any transaction that results in an inflow of dollars c. a capital outflow d. a U.S. firm's purchase of steel from a European steel mill e. an increase in American vacations abroad
After much negotiation with a customer, a plumber agrees to do a job for $50 an hour. In fact, the job is so unpleasant that he would not have done the job for anything less than $50 an hour even though other plumbers have done similar jobs for $40 an hour. His wage-related rent is
a. $50 b. $40 c. $100 d. $10 e. $0
A firm that can determine the price-output combination in order to maximize profit is known as a
A) price searcher. B) price taker. C) demand searcher. D) cost taker.
A move from F to G represents
A. a change in quantity demanded.
B. a change in demand.
C. an increase in demand.
D. a decrease in demand.