Economists assume maximizing efficiency over other goals:
A. is a guiding principle of policy-making.
B. is always the best approach.
C. should never be followed.
D. may not bring about the best outcome for society.
D. may not bring about the best outcome for society.
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As the amount of time a consumer has to adjust to a change in price increases, so does the price elasticity of demand for a good
Indicate whether the statement is true or false
__________________ —a term referring to the activities that businesses can perform to take advantage of economies of scale.
a. Scarcity b. Division of labor c. Core competency d. Specialization
Suppose the production function is given by Q = 3K + 4L. What is the average product of capital when 5 units of capital and 10 units of labor are employed?
A. 11 B. 3 C. 4 D. 45
At an output ________ of a firm's short run average total cost curve, a firm can use its fixed capital input at a lower average cost but only by using its variable input at a higher average cost.
A. beyond the maximum point B. equal to the highest level C. beyond the minimum point D. prior to the minimum point