We can say that the allocation of resources is efficient if
a. producer surplus is maximized.
b. consumer surplus is maximized.
c. total surplus is maximized.
d. sellers' costs are minimized.
c
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Appendix: Common value auctions with open bidding necessarily entail
a. asymmetric information b. ascending prices c. more than two bidders d. amendment of bids e. sealed final offers.
Japanese rice farmers are facing the same kind of economic future as American corn farmers have faced
Indicate whether the statement is true or false
In the short run, if the average total cost of producing 4,000 shoes is $10 and the average total cost of producing 7,000 shoes is $9, then the most efficient point of production occurs at a quantity at least as great as 7,000
Indicate whether the statement is true or false
Income distribution in the United States has become more equal since 1980
Indicate whether the statement is true or false