If Resources Are Used Efficiently, Then

question 1

Multiple Choice

If resources are used efficiently, then

• A) marginal social cost is minimized.
• B) consumer surplus plus producer surplus is maximized.
• C) consumer surplus equals producer surplus.
• D) producer surplus is maximized.

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Definitions:

Qualitative Forecasts

Forecasting methods that use expert judgement rather than numerical data to predict future events or trends.

Delphi Technique

A method used for collecting and distilling the collective expertise of a group of experts through rounds of questionnaires, often used in forecasting and decision making.

Regression Analysis

A statistical method used to examine the relationship between one dependent variable and one or more independent variables.

Trend Analysis

A forecasting method that extrapolates from historical trends.