Author Question: Allocative efficiency occurs in markets when a. goods are produced using the least amount of ... (Read 67 times)

PhilipSeeMore

  • Hero Member
  • *****
  • Posts: 561
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
  • ****
  • Posts: 341
Answer to Question 1

D

Answer to Question 2

A



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

A recent study has found that following a diet rich in berries may slow down the aging process of the brain. This diet apparently helps to keep dopamine levels much higher than are seen in normal individuals who do not eat berries as a regular part of their diet as they enter their later years.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

Elderly adults are at greatest risk of stroke and myocardial infarction and have the most to gain from prophylaxis. Patients ages 60 to 80 years with blood pressures above 160/90 mm Hg should benefit from antihypertensive treatment.

For a complete list of videos, visit our video library