Resources Are Being Used Efficiently When

question 111

Multiple Choice

Resources are being used efficiently when:

• A)scarcity is no longer an issue.
• B)they are also used equitably.
• C)every opportunity to make people better off without making others worse off has been seized.
• D)gains from trade are still available.

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Definitions:

Long-Run Average Total Cost Curve

A graphical representation that shows the lowest possible cost at which a firm can produce any given level of output when all inputs are variable.

Technology

The application of scientific knowledge for practical purposes, especially in industry.

Gasoline Prices

The cost per unit volume of gasoline, typically influenced by factors like crude oil prices, taxes, and demand.

MC, AVC, ATC Curves

Graphs representing marginal cost, average variable cost, and average total cost, respectively, as functions of quantity produced.