An Outcome Is Said to Be Efficient If an Economy

question 170

True/False

An outcome is said to be efficient if an economy is conserving the largest possible quantity of its scarce resources while still meeting the basic needs of society.

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Definitions:

Consumer Buy

This term appears to be incomplete or possibly vague without proper context. Providing a specific definition is challenging without more information.

Total Utility Data

Information that represents the total satisfaction received from consuming a particular quantity of goods or services.

Marginal Utility

Marginal utility represents the change in satisfaction or utility that an individual gains from consuming one additional unit of a good or service.

Marginal Cost

The increased cost resulting from manufacturing one extra unit of a product or service.