Competition Results in the Efficient Product Mix Because

question 21

Multiple Choice

Competition results in the efficient product mix because

• A) producers are setting MRT equal to minus the price ratio while consumers are setting MRS equal to minus the price ratio ensuring that MRT will equal MRS.
• B) consumers are on the contract curve.
• C) the slope of the production possibility frontier will equal the slope of the contract curve.
• D) the distribution of the final output is Pareto efficient.

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Definitions:

Steelcase, Inc.

A global corporation specializing in designing and manufacturing furniture, products, and services for workplace environments.

Manufacturer

An entity or individual that produces goods or products from raw materials in large quantities, often using machinery.

Fixed Interval Schedule

In the context of behavioral psychology, it's a type of reinforcement schedule where rewards are given after a specific and consistent amount of time has passed.

Weekly Praise

The practice of regularly acknowledging and appreciating individuals' efforts or achievements, typically done on a weekly basis.