An Economy Is Operating with Optimum Efficiency If

question 126

Multiple Choice

An economy is operating with optimum efficiency if

• A)the price of the product is greater than marginal cost.
• B)the production of more of commodity A entails the production of less of commodity B.
• C)marginal cost of output is greater than marginal utility of output.
• D)an increase in output would result in a decrease in average cost per unit.

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Definitions:

Common Law

A system of law based on precedent and court rulings, as opposed to statutes or written legislation.

Legally Enforceable

Capable of being imposed or upheld by law, typically referring to contracts or agreements.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a set of rules governing the sale of goods between parties in different countries.

Commercial Parties

Entities involved in the exchange of goods or services within a commercial or business setting, typically companies or professionals.