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Author Question: The substitution effect explains why there is a direct relationship between the price of a product ... (Read 59 times)

bio_gurl

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on: Jun 29, 2018
The substitution effect explains why there is a direct relationship between the price of a product and the quantity of the product demanded.
 
  Indicate whether the statement is true or false

Question 2

Allocative efficiency is achieved when firms produce goods and services
 
  A) that consumers value most. B) at a marginal cost of zero.
  C) at the lowest possible cost. D) at the lowest opportunity cost.


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mceravolo

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

FALSE

Answer to Question 2

A


bio_gurl

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

jamesnevil303

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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