Which of the Following Is a Criterion for Adaptation When

question 32

Multiple Choice

Which of the following is a criterion for adaptation when dealing with individuals, firms, or authorities in foreign countries?

• A) Profit motive
• B) Cultural apathy
• C) Hypersensitivity
• D) Flexibility
• E) Time-consciousness

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Definitions:

Efficiency Loss

Reductions in combined consumer and producer surplus caused by an underallocation or overallocation of resources to the production of a good or service. Also called deadweight loss.

Deadweight Loss

A loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved or is not achievable.

Actual Production

The quantity of goods or services produced by a firm, industry, or economy within a specific period, factual and not estimated.

Consumer Surplus

The variance between what consumers are ready and capable of spending on a product or service and the actual sum they end up paying.