Resources Are Allocated Efficiently When

question 132

Multiple Choice

Resources are allocated efficiently when

• A)the exchange value of the resources to demanders equals the opportunity cost of the resources.
• B)the marginal benefit to demanders of the resources in the goods they purchase is equal to the marginal cost to suppliers of the resources they use in producing the goods.
• C)firms produce the quantity of output at which price is equal to marginal cost.
• D)a and b
• E)a, b, and c

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Definitions:

Demand Letter

A formal letter sent to request action or payment on a matter, often as a preliminary step before legal proceedings.

Adversarial Letter

A written communication used in a legal context, typically by an attorney, to assert a client's rights or position in a dispute.

Persuade

The act of convincing someone to do or believe something through reasoning or argument.

Opinion Letter

A formal document written by an attorney offering a legal opinion on a particular situation, often requested for transactions or legal clarity.