If MU = MC = P, an Economist Can Judge

question 84

Multiple Choice

If MU = MC = P, an economist can judge with certainty that the distribution of output is

• A)fair.
• B)equal.
• C)unbiased.
• D)efficient.

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Definitions:

Production Possibilities Frontier

An outline that conveys the peak output possibilities for two products, relying on a compilation of inputs that incorporate resources and other factors.

Mobile Phones

Portable electronic devices that allow users to make voice calls, send text messages, and access various multimedia and internet services.

Economists

Professionals who study the production, distribution, and consumption of goods and services, focusing on factors that influence economic decision-making.

Scientists

Professionals who engage in systematic activity to acquire knowledge that describes and predicts the natural world.