Which of the Following Is NOT a Characteristic of a Good

question 43

Multiple Choice

Which of the following is NOT a characteristic of a good market for goods and services?

• A) timely and accurate information
• B) liquidity
• C) low transaction costs
• D) external efficiency
• E) All of these are correct.

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Definitions:

Economic Efficiency

A broader term that occurs when all resources are allocated optimally to serve each individual or entity in the best way while minimizing waste and inefficiency.

ATC

Represents the average total cost, which is the sum of all production costs divided by the quantity of output produced, a crucial concept for understanding how firms should operate to cover their costs.

Production Process

The series of operations that transform raw materials into finished products or services.

Patents

Legal rights granted to inventors to exclusively produce, use, and sell their invention for a certain period of time, providing protection against unauthorized use.