Equity and efficiency _____. Thus, _____
a. are always consistent with each other; trade-offs between the two are necessary
b. are never consistent with each other; trade-offs between the two are unnecessary
c. might be consistent in certain situations; trade-offs between the two might be necessary
d. might be consistent in certain situations, trade-offs between cannot be made
c
You might also like to view...
In the figure above, what happens if the Fed increases the quantity of money by 8 percent?
A) The interest rate rises to 1.08. B) The value of money rises to 1.08. C) The value of money falls to 0.92 and there is a movement downward along the LRMD. D) The LRMD curve shifts rightward to restore equilibrium. E) The price level falls to 1.08.
Maximizing the level of output for a given total cost of production
A) necessitates using only relatively low-priced inputs. B) will maximize total revenue. C) is equivalent to producing the profit maximizing output level. D) is equivalent to minimizing cost for a given level of output.
The above figure shows a payoff matrix for two firms, A and B, that must choose between selling basic computers or advanced computers. Firm B's dominant strategy
A) is to make basic computers. B) is to make advanced computers. C) is to adopt firm A's strategy. D) does not exist in this game.
Which of the following will improve your bargaining position when contracting with a supplier
a. You are better able to accommodate other suppliers' brands b. You must only buy the raw material from your preferred supplier to ensure quality c. Two of your suppliers merge d. Your final product that includes this component becomes more profitable