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:

Disrespect

The act of showing a lack of courtesy, consideration, or valuation towards someone or something.

Cultural Competency

Possessing the skill to grasp, respect, and communicate with people who have cultural or belief system backgrounds unlike one's own.

Written Language

The representation of spoken language through the use of symbols or characters for communication in a tangible form.

Official Religion

A religion endorsed or recognized by a government or state as its official creed.