An efficient allocation of resources requires each product's price to equal its marginal cost
a. True
b. False
Indicate whether the statement is true or false
True
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Assume that when the price of good X is $12, quantity demanded is 32. When price is decreased to $9, quantity demanded increases to 45. Over this range, the arc elasticity of demand is 1.182
Indicate whether the statement is true or false
Were it not for the law of diminishing marginal returns, we could grow the world's food supply from a flowerpot
Indicate whether the statement is true or false
Specialization:
A. leads to greater self-sufficiency. B. can lead to an increase in overall production. C. allows workers to develop skills by working on a large number of tasks D. is always the result of an inefficient use of resources
A government budget deficit occurs when government expenditures are:
A. less than government revenues. B. decreasing and government revenues are decreasing. C. greater than government revenues. D. increasing and government revenues are increasing.