Which Tools Allow Economists to Determine If the Allocation of Resources

question 88

Multiple Choice

Which tools allow economists to determine if the allocation of resources determined by free markets is desirable?

• A)profits and costs to firms
• B)consumer and producer surplus
• C)the equilibrium price and quantity
• D)incomes of and prices paid by buyers

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Definitions:

Best Practice

Best practice involves the processes, techniques, or methodologies that are recognized as the most efficient and effective way to achieve a desired outcome based on industry standards or proven success.

Fit

The degree of alignment or compatibility between two or more entities, such as a job candidate and corporate culture.

5C Model

The 5C Model is a marketing framework that focuses on understanding a company's situation by analyzing five key areas: company, customers, competitors, collaborators, and context.

Client Satisfaction

A measure of how products and services supplied by a company meet or surpass customer expectation.