If the Market for Bicycles Is Efficient,then

question 106

Multiple Choice

If the market for bicycles is efficient,then

• A) no more bicycles can be produced.
• B) marginal benefit exceeds marginal cost.
• C) consumer surplus must be greater than producer surplus.
• D) it is not possible to produce more bicycles without sacrificing another, more highly valued good.
• E) consumer surplus must equal producer surplus.

Compare and contrast focus groups and interviews as qualitative research methods.

Understand the differences and effectiveness of various virtual communication tools in organizations.

Identify and describe the functions of specific digital collaboration tools and platforms.

Recognize the importance of communication etiquette and best practices in virtual settings.

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Definitions:

World Price

The international market price of a commodity or product, determined by global supply and demand forces.

Free Trade

The policy of allowing unrestricted import and export of goods between countries, without tariffs, quotas, or other restrictions.

Total Surplus

The sum of consumer and producer surplus, which measures the total benefit to society from conducting transactions in a market.

Autarky

A situation where an economy is self-sufficient and does not engage in international trade.