A Change in Economic Output Is ________ If the Value

question 230

Multiple Choice

A change in economic output is ________ if the value of the resulting gains exceeds the value of the resulting losses.

• A) potentially efficient
• B) always efficient
• C) always inefficient
• D) irrelevant

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Definitions:

Budget Constraint

The restriction on the range of goods and services a consumer can purchase, dictated by their earnings and the cost of these items.

Gardenburger

A brand of meatless burgers made from vegetables and grain, intended as a healthier or vegetarian alternative to traditional beef burgers.

Beer

An alcoholic drink made from yeast-fermented malt flavored with hops.

Budget Constraint

A budget constraint represents the limits on the consumption bundles that a consumer can afford, given the consumer's income and the prices of goods.