When the Net Benefits of All Economic Activities Are Not

question 52

Multiple Choice

When the net benefits of all economic activities are not maximized, economists say the allocation of resources is _______ .

• A) inefficient
• B) incorrect
• C) efficient
• D) poorly done

Comprehend models of personality development and their applicability through the adult lifespan.

Recognize the developmental tasks and crises defined by Erikson as essential for healthy psychosocial development.

Examine the role of technology and social media in shaping the identities and interactions of young adults.

Identify factors contributing to the phenomenon of "failure to launch" among young adults.

---

Definitions:

Kinked-Demand Curve Model

An economic theory suggesting that in oligopolistic markets, companies may not change their prices because the demand curve is more elastic for price increases and less elastic for price decreases.

Unit Costs

The amount of money a company spends on producing, holding, and marketing one unit of a certain product or service.

Equilibrium Price

The market price at which the quantity of a good supplied equals the quantity demanded, leading to a stable market condition where there is no tendency for the price to change.

Game Theory

A branch of economics and mathematics that studies strategic interactions among rational decision-makers.