An Allocation of Resources Is Inefficient If,through Some Feasible Change

question 74

Multiple Choice

An allocation of resources is inefficient if,through some feasible change in the allocation of resources:

• A)it is impossible to make someone better off without making someone else worse off.
• B)it is impossible to make everyone better off.
• C)it is possible to make someone better off without leaving someone else worse off.
• D)it is possible to make everyone better off,provided the resources are distributed equally.

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Definitions:

Indifference Curves

Graphical representations in microeconomics showing combinations of two goods among which a consumer is indifferent, indicating equal utility.

Consumer's Preferences

The individual tastes and preferences that dictate the choices made by consumers regarding which goods or services to purchase.

Bundle

A combination of goods or services that are purchased together.

Optimal Choice

The best possible selection among various alternatives, considering constraints and objectives, to maximize or minimize desired factors such as utility, profit, or costs.