Resource Use Is Allocatively Efficient If the

question 229

Multiple Choice

Resource use is allocatively efficient if the

• A) total cost of what the resource produces is less than the total benefit of what is produced.
• B) marginal cost of what the resource produces is equal to the marginal benefit of what is produced.
• C) total cost of what the resource produces is equal to the total benefit of what is produced.
• D) marginal benefit of what the resource produces has diminished to zero.

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Definitions:

Controlled Substances Act

A statute establishing federal U.S. drug policy under which the manufacture, importation, possession, use, and distribution of certain substances are regulated.

Medical School

An educational institution that provides training and education for students to become physicians or other health professionals.

Scientific Medicine

An approach to medicine that is based on the scientific method and evidence-based practices.

Claudius Galen

An ancient Roman physician and philosopher whose work and theories formed the basis of European medicine for centuries.