Why is efficiency desirable?
A) It results in an equal distribution of income.
B) It results in zero unemployment.
C) It makes best use of the finite resources we have.
D) It is the most politically popular solution.
C
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An inefficient allocation of resources or unusually high unemployment: a. causes the production possibilities curve to shift inward
b. causes the production possibilities curve to shift outward. c. can each be illustrated by a point inside the production possibilities curve. d. can each be illustrated by a point outside the production possibilities curve.
A monopoly is allocatively efficient compared to perfect competition
Indicate whether the statement is true or false
What is a sub-prime housing loan?
A. A housing loan made at an interest rate below the prime rate. B. A housing loan made at a low interest rate to a unqualified customer. C. A housing loan made at a high interest rate to a unqualified customer. D. A housing load made at a fixed rate of interest.
The price of headphones increases from $20 to $24. As a result, the quantity demanded falls from 33 to 27 per week. Calculate the price elasticity of this product using the midpoint method. Show the steps you use.
What will be an ideal response?