Resources are efficiently allocated when production takes place at that output where price equals
Marginal revenue
Average variable cost
Marginal cost
Total cost
Correct answer is A
No explanation has been provided for this answer.
The cross-elasticity of demand between complementary goods is
Unitary
Positive
Zero
Negative
Correct answer is D
The cross elasticity of demand for complementary goods is negative because, as the price for one item (say the main commodity) increases, the demand for an item closely related to that item also decreases due to the decrease in demand for the main commodity.
Just like the law of demand states that people will be willing to buy more of a commodity at a lower price, it is the same way a rise in the price of a complementary good will affect the demand for its complement.
A market is in disequilibrium if
The quantity purchased is greater than quantity sold
The quantity sold differs from the quantity purchased
At a lower price, a large quantity is sold
The quantity demand differs from the quantity supplied
Correct answer is D
No explanation has been provided for this answer.
If a society is operating on the production possibility curve, this implies that the resources are
Fully and efficiently utilized
Fully but inefficiently utilized
Efficiently but not fully utilized
Abundant
Correct answer is A
No explanation has been provided for this answer.
1.25
0.80
0.50
0.40
Correct answer is A
No explanation has been provided for this answer.