Inefficiency Exists in an Economy When a Good Is

question 68

Multiple Choice

Inefficiency exists in an economy when a good is

• A)being produced with less than all available resources.
• B)not distributed fairly among buyers.
• C)not being produced by the lowest-cost producers.
• D)being consumed by buyers who value it most highly.

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Definitions:

Descriptive Label

is a description or label that provides information about the characteristics or contents of something without implying a judgement.

Signs and Symptoms

Indicators that something is not normal within the body, with signs being observable to others and symptoms being experienced by the individual.

Irrational Fear

Describes an excessive or unreasonable sense of fear or dread regarding something that poses little to no actual danger.

Phobia

An extreme or irrational fear of or aversion to something.