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Author Question: Allocative efficiency occurs in markets when a. goods are produced using the least amount of ... (Read 33 times)

PhilipSeeMore

  • Hero Member
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  • Posts: 561
on: Jun 30, 2018
Allocative efficiency occurs in markets when
 a. goods are produced using the least amount of society's scarce resources
  b. goods are produced at the lowest possible average total cost
  c. goods are produced at the lowest possible marginal cost
  d. the value to society of the last unit produced equals its marginal cost
  e. the value to society of the last unit produced is greater than its marginal cost

Question 2

Cell phone companies offer pricing plan alternatives in order to convert some
 a. consumer surplus into profit
  b. producer surplus into profit
  c. economic profit into normal profit
  d. profit into consumer surplus
  e. consumer surplus into deadweight loss


Tonny

  • Sr. Member
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  • Posts: 341
Reply #1 on: Jun 30, 2018
Answer to Question 1

D

Answer to Question 2

A


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