The _____ of the General Environment Is Made Up of the Methods

question 67

Short Answer

The _____ of the general environment is made up of the methods available for converting resources into products or services.

---

Definitions:

Marginal External Cost

Increase in cost imposed externally as one or more firms increase output by one unit.

Socially Optimal Output

The level of production or output that is most beneficial for society as a whole, considering both production costs and externalities.

Market Price

Price prevailing in a competitive market.

Dynamic Inefficiencies

Inefficiencies that occur over time due to factors such as technological changes, market adjustments, or policy shifts, affecting long-term economic performance.