If an Allocation of Resources Is Efficient, Then

question 174

Multiple Choice

If an allocation of resources is efficient, then

• A)consumer surplus is maximized.
• B)producer surplus is maximized.
• C)all potential gains from trade among buyers are sellers are being realized.
• D)the allocation achieves equality as well.

Understand the relevance of a product’s useful life and operating costs in pricing decisions.

Evaluate the differentiation value offered by a product relative to its competitors.

Apply rounding conventions appropriately in financial calculations related to pricing and costing.

Understand the concept and differences of competency-based job analyses compared to other forms of job analyses.

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Definitions:

Self-Esteem

A person's personal assessment of their value, incorporating their feelings and convictions about their own identity.

Disadvantaged Groups

Communities or populations that face social, economic, or political barriers that restrict access to resources or opportunities available to other groups.

Positive Self-Esteem

A favorable opinion of oneself, reflecting confidence and satisfaction in one's abilities and value.

Ethnic Characteristics

Traits or features that are associated with or characteristic of a particular ethnic group.