Economists Define an Efficient Use of Resources as a Situation

question 138

Multiple Choice

Economists define an efficient use of resources as a situation in which:

• A)one person can be made better off but only by making another person worse off.
• B)all persons can be made better off without making anyone worse off.
• C)all persons receive an equal share of the resources.
• D)all persons are made worse off when one person is made better off.

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Definitions:

Punish

the act of imposing a penalty on someone as retribution for an offense.

Resale Agreement

An agreement between parties where the seller agrees to sell an asset or product with the understanding that the buyer intends to sell it again to a third party.

Unconscionable

A term used to describe actions or conditions that shock the conscience or are exceedingly unfair or unjust.

Obligated to Resell

The requirement to sell an item or property again, often under specific conditions or regulations.