If a Market Is Allocatively Efficient

question 1

Multiple Choice

If a market is allocatively efficient,

• A)firms are minimizing marginal cost
• B)firms are minimizing total cost
• C)consumers are minimizing expenditures
• D)it must be impossible to increase total utility
• E)it must be impossible to decrease output

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Definitions:

Honor Killings

The murder of a family member, typically a female, who is perceived to have brought dishonor upon the family.

Cultural Value

The importance or worth that a particular group places on specific beliefs, norms, and customs.

The Group

A term often used in social sciences to denote a collection of individuals who interact with one another, share similar characteristics, and collectively have a sense of unity.

Peer Pressure

The impact that a peer group has on an individual, persuading them to adjust their attitudes, values, or behaviors in order to adhere to the norms of the group.