A condition in which no change is possible that will make some members of society better off without making some other members of society worse off is called
A. general equilibrium.
B. partial equilibrium.
C. market failure.
D. Pareto optimality.
Answer: D
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Marginal social costs are equal to
A. marginal private costs + marginal external costs. B. marginal private costs - marginal external costs. C. marginal private costs + marginal internal costs. D. marginal private costs - marginal internal costs.
Every allocation of goods in a one good world is efficient because:
a. MRSs are equalized. b. there is enough to go around for everyone. c. no one can be made better off without making someone else worse off. d. it doesn't matter to whom an extra unit of the good is given.
The prices college students and faculty members pay for Apple computers are lower than the prices Apple charges on its Web site and in retail stores. Apple charges lower prices to college students and faculty members because
A) college students and faculty members have a more elastic demand for computers than the general public. B) college students and faculty members typically buy more supplies from Apple (print cartridges, paper, etc.,) than the general public. C) college students and faculty members have a more inelastic demand for computers than the general public. D) Apple can deduct from its federal taxes some of the costs of the computers it sells to college students and faculty members.
An increase in the real interest rate in the United States will cause the dollar to ________ relative to other currencies and ________ net exports and real GDP
A) appreciate; increase B) appreciate; reduce C) depreciate; increase D) depreciate; reduce