An Economy Will Be Allocatively Efficient If

question 37

Multiple Choice

An economy will be allocatively efficient if

• A) the economy's resources are fully employed.
• B) the price equals average cost for all goods.
• C) price equals marginal cost for all products.
• D) the average cost of production is the lowest possible for all goods produced.
• E) all firms are breaking even.

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Definitions:

UCC

The Uniform Commercial Code represents an all-encompassing series of legal directives that control all forms of commercial transactions within the U.S.

Contractual Duties

Obligations that parties are legally bound to perform as specified in a contract.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, which governs the sale of goods between parties based in different countries.

Unliquidated Debt

A debt for which the exact monetary value has not been determined, often due to the nature of the claim or disputes over the amount.