Which of the following are true?
A) Economists use the criterion of economic efficiency to judge the merit of alternative outcomes.
B) Undertaking an economic action will be efficient if it produces more benefits than costs for the individuals of the economy.
C) Undertaking an economic action will be inefficient if it produces more costs than benefits to the individuals.
D) All of the above are true.
Correct Answer:
Verified
Q249: If equilibrium is present in a market,
A)
Q250: When economists say an activity is consistent
Q251: When economists say the supply of a
Q252: When there is excess supply of a
Q253: When property rights are well defined and
Q255: Farmers can choose to produce eggs or
Q256: Corn and soybeans are alternatives that could
Q257: The price of a good will tend
Q258: When economists say the quantity supplied of
Q259: If price rises, what happens to quantity
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