Shoshana and Benjamin Have Just Gotten Married

question 113

Multiple Choice

Shoshana and Benjamin have just gotten married.How long can they look forward to being married before they can expect to feel increased pressure to divorce?

• A) two years
• B) five years
• C) seven years
• D) ten years

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Definitions:

Productive Efficiency

A state where an economy or entity cannot produce more of one good without producing less of another, utilizing all resources in the best possible way without waste.

Economic Profit

The difference between total revenue and the total opportunity costs (both explicit and implicit) of all resources used.

Productive Efficiency

A situation where goods and services are produced at the lowest possible cost and resources are utilized most effectively.

Allocative Efficiency

A state of resource allocation where goods and services are distributed according to consumer preferences and in a way that maximizes social welfare.