An Inefficient Allocation of Resources Will Occur When

question 203

Multiple Choice

An inefficient allocation of resources will occur when:

• A)decision makers are faced with the full costs and benefits of their actions.
• B)there are clearly defined property rights.
• C)no alternative would increase the welfare of society.
• D)decision makers are not faced with the full benefits and costs of their choices.

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Definitions:

Anticline

A type of fold in the Earth's crust characterized by an arch-like shape where the oldest rock layers are at the center of the fold, usually formed by compressional tectonic forces.

Syncline

A fold in rock layers where the youngest layers are closer to the center of the structure, typically shaped like a trough.

Limestone

A sedimentary rock composed primarily of calcium carbonate (CaCO3) in the form of the mineral calcite, often formed from the skeletal fragments of marine organisms.

Sandstone

A sedimentary rock composed mostly of sand-sized minerals or rock grains.