Allocative efficiency is achieved when
A) firms produce the goods and services that consumers value most.
B) firms produce goods and services at the lowest cost.
C) there are no shortages or surpluses in the market.
D) goods and services are fairly distributed among consumers in an economy.
Question 2
Assume that China has a comparative advantage in producing corn and exports corn to Japan. We can conclude that
A) Labor costs are higher for corn producers in Japan than in China.
B) China also has an absolute advantage in producing corn relative to Japan.
C) Japan has an absolute disadvantage in producing corn relative to China.
D) China has a lower opportunity cost of producing corn relative to Japan.
Plant apical meristems and the primary tissues they produce.
Production efficiency.
One target for expanding medical services involves vaccinations. Only 78 percent of children ages 19 ...
How to solve any percent efficiency problem
A pedigree for an X-linked dominant trait. Affected males produce all affected daughters and no affe
opener E. coli have been genetically engineered to produce lycopene