An Efficient Allocation of Productive Inputs Requires That

question 24

Multiple Choice

An efficient allocation of productive inputs requires that:

• A)each output has the same rate of technical substitution among inputs used.
• B)each output has the same marginal rate of substitution for consumers.
• C)each pair of outputs has the same rate of product transformation.
• D)each individual has the same marginal rate of substitution between outputs.

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Definitions:

Cultural Institution

A cultural institution is an organization that preserves, promotes, or presents cultural heritage, arts, or knowledge, such as museums, libraries, and theaters.

Social Institution

An organized structure and mechanism of social order and cooperation governing the behavior of a set of individuals within a given community.

Interacts

Engages in communication or involvement with someone or something else, often resulting in a mutual influence.

Religion

A set of beliefs concerning the cause, nature, and purpose of the universe, often involving ritual observances and a moral code.