With respect to private goods, a Pareto optimal system is one in which ________ that make(s) some societal members better off without making others worse off have (has) been exhausted.
A. at least one trade
B. all profitable trades
C. all possible trades
D. no trades
Answer: C
You might also like to view...
If the marginal cost of treating an illness is zero, then the optimal amount of treatment to receive is the amount:
A. for which the average benefit of treatment is zero. B. for which the marginal benefit of treatment is zero. C. for which the total benefit of treatment is zero. D. that makes the patient is as healthy as possible.
The firm's demand for labor curve is its
A) average product of labor curve. B) marginal product of labor curve. C) marginal revenue product of labor curve. D) average revenue product of labor curve.
Producer surplus measures the value between the actual selling price and the profit-maximization price
a. True b. False Indicate whether the statement is true or false
In terms of industrial policy, clusters refer to:
A. networks of interdependent firms, universities, and businesses that focus on production of a specific type of good. B. firms in an economy that are so interconnected, when one fails, they all fail. C. the industries supported in a country practicing export-led growth policy. D. the industries supported in a country practicing import substitution policy.