Inefficient allocation of resources occurs when

A. no one can be made better off without having someone else give up something.
B. it is possible to make some people better off without making others worse off.
C. society is operating at a point high on the production possibilities frontier.
D. society is operating at a point low on the production possibilities frontier.


Answer: B

Economics

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In the above figure, if the minimum wage is equal to ________, there would be ________ hours of labor employed

A) $8 per hour; 4,000 B) $8 per hour; 2,000 C) $6 per hour; 3,000 D) $4 per hour; 2,000

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Explain the differences between total revenue, average revenue, and marginal revenue

What will be an ideal response?

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If a monopolist wants to increase the amount it sells, it

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