In Equilibrium,________

question 113

Multiple Choice

In equilibrium,________.

• A) the ratio of total benefits to price should be identical across all goods
• B) the ratio of total benefits to income should be identical across all goods
• C) the ratio of marginal benefits to price should be identical across all goods
• D) the ratio of marginal benefits to income should be identical across all goods

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Definitions:

Production Decisions

The determination of what, how, and for whom goods and services will be produced by a firm.

Output

The total amount of goods or services produced by a company, sector, or economy.

Normative Questions

Questions that address what should be, focusing on value judgments and opinions rather than empirical facts.

Value Judgments

Assessments or opinions based on individual beliefs about what is important or desirable, often influencing decisions and policies.