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Author Question: In a free market system, competition generates economic efficiency only when A) individuals take ... (Read 87 times)

biggirl4568

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on: Jun 29, 2018
In a free market system, competition generates economic efficiency only when
 
  A) individuals take into account the full opportunity cost of their actions.
  B) consumers are motivated by a sense of the greater good, not their own self-interest.
  C) firms are motivated by a sense of the greater good, not their desire for profit.
  D) economic decisions are taken out the hands of individuals and placed in the hands of government officials.

Question 2

What does a production possibilities curve show?
 
  What will be an ideal response?


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deja

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

A production possibilities curve shows the combinations of maximum outputs that can be
produced with a fixed amount of resources that are fully employed, and fixed technology.


biggirl4568

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

LVPMS

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Reply 3 on: Yesterday
Excellent

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