A Central Planner Can Never Allocate Output Across Firms in Such

question 57

True/False

A central planner can never allocate output across firms in such a way as to minimize the total costs of production.

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Definitions:

Random Variable

A variable whose values depend on outcomes of a random phenomenon.

Bernoulli Distribution

A probability distribution that takes two possible outcomes, 1 (success) with probability p, and 0 (failure) with probability 1-p.

Survey Question

A question used in a survey designed to collect data on the opinions, behaviors, or characteristics of respondents.

Probability Density Function

A function that describes the relative likelihood for a continuous random variable to take on a given value.