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:

Anthocerophyta

A division of non-vascular plants known as hornworts, characterized by a unique sporophyte structure.

Polyploids

Organisms that have more than two complete sets of chromosomes, which is a condition common in plants and some animal species.

Genetics

Genetics is the branch of biology that studies genes, genetic variation, and heredity in organisms, explaining how traits are passed from parents to offspring.

Chlorophylls

A group of green pigments found in plants and some microorganisms, critical for photosynthesis by enabling the absorption of light energy.