Allocative efficiency is achieved when:
A) the marginal product of labor equals its value of marginal product
B) all resources are fully employed
C) the price of each resource equals the value of its marginal product
D) the price of each resource equals the value of its marginal product and its marginal opportunity cost
Correct Answer:
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Q1: Which of the following best explains why
Q2: Suppose workers in labor market X are
Q4: Market labor supply curves are generally:
A)upward sloping,as
Q5: refer to the following diagram of a
Q6: All profit-maximizing firms hire labor up to
Q7: If capital and labor are gross complements,an
Q8: Which one of the following is generally
Q9: Which one of the following conditions is
Q10: In a perfectly competitive environment,the height of
Q11: At the profit maximizing level of employment
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