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Author Question: An efficient allocation of resources is reached in the figure above when output equals A) 1 ... (Read 93 times)

storky111

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on: Jun 29, 2018
An efficient allocation of resources is reached in the figure above when output equals
 
  A) 1 million.
  B) 2 million.
  C) 3 million.
  D) 4 million.

Question 2

Explain how it might be possible to discuss costs of production of a good or service without using monetary values.
 
  What will be an ideal response?


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xiaomengxian

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

D

Answer to Question 2

All costs are essentially opportunity costs. That is to say that it is simply the value of the next best available alternative. Therefore, it is possible to discuss costs without mentioning monetary costs by analyzing what was given up to produce a good or a service.


storky111

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Reply 2 on: Jun 29, 2018
Wow, this really help

bblaney

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

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