The Efficient Allocation of Resources Is Based on the Fact

question 12

Multiple Choice

The efficient allocation of resources is based on the fact that:

• A) firms devote the amount of resources to their good that consumers demand.
• B) P > MC.
• C) P < MC.
• D) economies of scale must exist.
• E) monopolists can cater for the entire market.

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Definitions:

Decentration

The cognitive ability to consider multiple aspects of a situation simultaneously, crucial for developing logic in children.

Egocentric

A developmental stage where an individual is unable to differentiate between their own perspective and that of others, often seen in early childhood.

Concrete-Operational Children

A stage in Piaget's theory of cognitive development (ages 7-12) where children gain the ability to think logically about concrete events.

Mainstreaming

The practice of placing children with special education needs in regular educational settings with non-disabled peers, as much as possible.