All of the Following Statements Are True Except

question 97

Multiple Choice

All of the following statements are true except

• A)consumers allocate their budgets to get the most value possible.
• B)we derive a consumer's demand curve by finding how the best budget allocation changes as the price of a good changes.
• C)firms get the most value out of their resources at every point along a consumer's demand curve.
• D)a competitive equilibrium achieves an efficient outcome.
• E)when firms in perfect competition are away from the long-run equilibrium,the market is still efficient.

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Definitions:

Cleared Fields

Land areas from which natural vegetation has been removed, often for agricultural purposes, development, or construction.

Pilgrims

Early settlers of the Plymouth Colony in present-day Massachusetts who left England seeking religious freedom in the early 17th century.

New Netherland

A 17th-century colonial province of the Dutch Republic that was located on the East Coast of North America.

Plymouth Rock

A historical symbol located in Plymouth, Massachusetts, traditionally regarded as the landing place of the Pilgrims in 1620.