Which of the Following Is Best Defined as a Consciously

question 132

Multiple Choice

Which of the following is best defined as a consciously coordinated social unit, composed of two or more people, which functions on a relatively continuous basis to achieve a common goal or set of goals?

• A) team
• B) party
• C) community
• D) organization
• E) unit

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Definitions:

Long Run

A timeframe during which all production factors and expenses can change, permitting adjustments to all inputs.

Allocative Efficiency

A state of the economy in which production is in accordance with consumer preferences; every good or service is produced up to the point where the last unit provides a utility to consumers equal to the cost of producing it.

Consumer Surplus

The difference in the amount consumers are prepared and have the means to pay for a service or good compared to the amount they actually do pay.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, often depicted as the area above the supply curve and below the market price.