If productive efficiency characterizes a market
A) the marginal cost of production is minimized.
B) the output is being produced at the lowest possible cost.
C) firms use the best technology available to produce the good.
D) firms produce the goods that consumers desire most.
B
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Voters have an incentive to become informed about political issues because the individual's vote is likely to affect the outcome
a. True b. False
The above figure shows Bob's utility function. He currently has $100 of wealth, but there is a 50% chance that it could all be stolen. If Bob could keep $50 with certainty, his utility would be
A) a. B) b. C) c. D) d.
In two-part pricing
A) consumers pay a lump-sum for all the goods purchased. B) the consumer must pay a lump sum if he buys more than a certain number of units of a good. C) a firm charges more for units purchased on the weekend than for those purchased during the week. D) the average price paid per unit is higher with a small number of units purchased than if a large number of units is purchased.
The role of the market for renewable resources is to determine a price at which the quantity of a resource is just sufficient to enable the resource to renew itself at a rate that best satisfies society's wants
a. True b. False Indicate whether the statement is true or false