________ Shows That If All Resources Are Fully and Efficiently

question 192

Multiple Choice

________ shows that if all resources are fully and efficiently utilized,more of one good can be produced only by producing less of another good.

• A)Comparative advantage
• B)Absolute advantage
• C)The mixed market system
• D)The production possibilities frontier model

Appreciate the role of competition in achieving efficient allocation of resources and consumer and producer surplus.

Understand the implications of market dynamics on resource allocation and industry supply in the long run.

Recognize the transformative impact of competition on societal welfare through innovation and efficiency.

Understand the conditions for long-run equilibrium in purely competitive markets and the achievement of normal economic profits.