Resources are efficiently allocated when production occurs where:
A. marginal cost equals average variable cost.
B. price is equal to average revenue.
C. price is equal to marginal cost.
D. price is equal to average variable cost.
Answer: C
You might also like to view...
Refer to Figure 3-1. A decrease in the expected future price of the product would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.
In the context of consumer choice theory, utility means:
a. usefulness. b. satisfaction. c. practicality. d. boring. e. action.
The CPI in 1930 equaled 0.17. The CPI in 1931 equaled 0.15. The rate of inflation between 1930 and 1931 was ________ percent.
A. -13.3 B. 1.5 C. 11.8 D. -11.8
Patent protection is important in affecting technological progress because it makes research and development
A) diffuse more quickly. B) more fertile. C) more easily available. D) more appropriable. E) none of the above