When Economists Talk About "Optimal Outcomes" in the Marketplace,they Mean

question 94

Multiple Choice

When economists talk about "optimal outcomes" in the marketplace,they mean that

• A)The allocation of resources by the market is perfect.
• B)All the consumer desires are satisfied and business profits are maximized.
• C)The allocation of resources by the market is likely to be the best possible,given scarce resources and income constraints.
• D)Everyone who wants a good or service can have it.

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Definitions:

Cost of Goods Manufactured

The total production cost of goods that have been completed in a specific accounting period.

Finished Goods Inventory

The stock of completed products ready for sale.

Cost of Goods Sold

The direct costs attributable to the production of the goods or services sold by a company, including materials and labor costs.

Cost of Goods Manufactured

The total production cost of goods that have been completed in a specific accounting period, including labor, materials, and overhead costs.