When Economists Talk About "Optimal Outcomes" in the Marketplace,they Mean

question 94

Multiple Choice

When economists talk about "optimal outcomes" in the marketplace,they mean that

• A)The allocation of resources by the market is perfect.
• B)All the consumer desires are satisfied and business profits are maximized.
• C)The allocation of resources by the market is likely to be the best possible,given scarce resources and income constraints.
• D)Everyone who wants a good or service can have it.

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Definitions:

Convergent Validation

A method in research where different approaches are used to collect data on the same subject, enhancing the reliability of the findings.

Lines of Sight

In management or design, the clear visual or conceptual path for workflow, communication, or strategic alignment.

Triangulation

The use of multiple methods or data sources in research to improve the accuracy and validity of results by cross-verifying findings.

Ethnography

A qualitative research method focused on studying cultures, practices, and communities through observation and participation.