If Efficiency Has Been Attained

question 8

Multiple Choice

If efficiency has been attained,

• A)it will be possible to make any one person better off without harming another.
• B)it will not be possible to make any one person better off without harming another.
• C)perfect competition must exist.
• D)the opportunity cost of any change in resource use must be zero.

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Definitions:

Great Britain

A sovereign country in northwestern Europe, comprising England, Scotland, and Wales, known for its influential role in global politics, economy, and culture.

Gradual Reforms

Gradual reforms refer to the slow and continuous process of implementing changes in societal, political, or economic institutions, as opposed to sudden or radical changes.

Queen Victoria

Queen of the United Kingdom of Great Britain and Ireland from 1837 until her death in 1901, marking a period of industrial, cultural, political, and military change known as the Victorian Era.

Holy Alliance

A coalition formed by Russia, Austria, and Prussia in 1815, post the Napoleonic Wars, aimed at promoting Christian values and preventing the spread of secular liberalism and nationalism.