When Does Inefficiency Exist in Any Economy

question 199

Multiple Choice

When does inefficiency exist in any economy

• A)when a good is not being consumed by buyers who value it most highly
• B)when a good is not distributed fairly among buyers
• C)when a good is not being produced by the highest-cost producer
• D)when a good is being consumed by buyers who value it most highly

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Definitions:

Contractual Duty

An obligation created by a contract that requires a party to act or refrain from acting in a certain way.

Accounting

The systematic recording, reporting, and analysis of financial transactions of a business.

Invoiced Price

The cost specified on an invoice for goods or services, representing the amount demanded by the seller from the buyer.

Assignment

The act of transferring to another all or part of one’s rights arising under a contract.