An Economy's Production of Two Goods Is Efficient If

question 238

Multiple Choice

An economy's production of two goods is efficient if

• A)all members of society consume equal portions of the goods.
• B)the goods are produced using only some of society's available resources.
• C)it is impossible to produce more of one good without producing less of the other.
• D)the opportunity cost of producing more of one good is zero.

---

Definitions:

Triple Bottom Line

A framework or theory that recommends companies commit to focus on social and environmental concerns just as they do on profits, encapsulating three Ps: profit, people, and planet.

Corporate Form

A legal structure for organizing a business as a separate legal entity, which can own property, enter into contracts, sue and be sued, distinct from its owners (shareholders).

Sole Proprietorships

Sole proprietorships are businesses owned and operated by one person, where there is no legal distinction between the owner and the business entity.

Business Organization

A legal entity formed to carry out commercial or industrial enterprises by engaging in trading, manufacturing, or providing services.