Allocative Efficiency Occurs Where (For the Last Unit)maximum Willingness to Pay

question 96

True/False

Allocative efficiency occurs where (for the last unit)maximum willingness to pay exceeds minimum acceptable price by the greatest amount.

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Definitions:

Misery Index

An economic indicator created by summing the unemployment rate and the inflation rate, intended to measure the health of an economy.

Current

Relevant to the present time or most recent; also, a flow of electricity or the flow of water in a river or sea.

Misery Index

An economic indicator created by adding the unemployment rate to the inflation rate, intended to measure economic discomfort.

Year

A period of time equal to 365 days, or 366 in leap years, used for calculating time in calendar terms.