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:

Authority Patterns

The structure and distribution of authority and power within a group or organization.

African American

An ethnic group in the United States with ancestors who were predominantly from sub-Saharan Africa, known for their rich cultural heritage and history.

Matriarchal

A social system in which women hold primary power, making major decisions and being at the center of authority within families, communities, or entire societies.

Cultural Pluralism

The existence of multiple distinct cultures in a society, each retaining their cultural identity while coexisting with others.