We Can Say That the Allocation of Resources Is Efficient

question 63

Multiple Choice

We can say that the allocation of resources is efficient if:

• A)producer surplus is maximised
• B)consumer surplus is maximised
• C)total surplus is maximised
• D)none of the above is correct

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Definitions:

Outsourcing of Jobs

The practice of hiring external firms or individuals to perform tasks, handle operations or provide services that are either difficult to manage or are outside the company's core competencies.

Economic Integration

The process by which different countries reduce or eliminate barriers to trade and movement of resources among them to create a more unified and efficient market.

Quota

A restriction placed on the amount of a product allowed to enter or leave a country.

Amount of Product

The quantity of goods or services available for sale or consumption, often measured in physical units or financial terms.