Asked by Adney Guerrero on Jul 15, 2024
Verified
Resources are allocated efficiently when
A) everyone can afford what they want.
B) production occurs at least cost.
C) output is fairly distributed.
D) profits are maximized.
Efficiently Allocated
The optimal distribution of resources among different possibilities to maximize productivity and utility.
Least Cost
The principle of choosing the option that provides the necessary level of benefit or utility at the minimum possible cost.
Production
The process of combining various material inputs and immaterial inputs (plans, know-how) to make something for consumption.
- Understand the concept of Pareto Optimality and efficiency in market outcomes.
Verified Answer
Learning Objectives
- Understand the concept of Pareto Optimality and efficiency in market outcomes.
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