Resource Use Is Allocatively Efficient If the

question 149

Multiple Choice

Resource use is allocatively efficient if the

• A) total cost of what the resource produces is less than the total benefit of what is produced.
• B) total cost of what the resource produces is equal to the total benefit of what is produced.
• C) marginal benefit of what the resource produces has diminished to zero.
• D) marginal cost of what the resource produces is equal to the marginal benefit of what is produced.

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Definitions:

Business Plan

A business plan is a detailed document outlining the goals, strategies, financial forecasts, and operational plans for starting and operating a business, serving as a roadmap for business success.

Start-Up Business

An entrepreneurial venture in its initial stage of operations, often characterized by innovation, ambition, and scalability.

Financing

The process of obtaining the necessary funds needed for an operation, project, or investment.

Executive Summary

A brief section at the beginning of a document that provides an overview of the main points and conclusions.