Resources Are Allocated Efficiently When

question 144

Multiple Choice

Resources are allocated efficiently when

• A) the market produces what people want.
• B) economic profits are zero.
• C) output is distributed in an equitable fashion.
• D) output is produced in a sustainable fashion.

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Definitions:

Ratified

Confirmed or made official by formal consent or approval, typically used in the context of constitutional amendments or treaty agreements.

Void Ab Initio

A term referring to an agreement or contract that is considered invalid from the outset, as if it never existed.

Disaffirm

The legal act of renouncing or rejecting a contract or agreement, often used in the context of minors' ability to void contracts.

Legal Guardianship

The legal authority granted to an individual to make decisions for and take care of another person, typically a minor or someone unable to manage their own affairs.