Which of the Following Would Most Likely Be Considered a Consumer

question 127

Multiple Choice

Which of the following would most likely be considered a consumer product?

• A) auto lift
• B) cotton fiber
• C) printing press
• D) suitcase
• E) bricks

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Definitions:

Efficient Mix

The most advantageous combination of goods and services that can be produced and distributed with the available resources and technology, maximizing overall welfare.

Equate Price

The action of setting two or more goods or services to have the same price.

Marginal Cost

The outlay involved in the creation of an additional unit of a good or service.

Pareto Efficient

An economic state where resources are allocated in a way that it is impossible to make any one individual better off without making at least one individual worse off.