Resources are efficiently utilized when production is such that marginal social benefit
A) is equal to marginal social cost.
B) exceeds marginal social cost by as much as possible.
C) is less than marginal social cost.
D) None of the above because efficiency has to do with property rights and has nothing to do with marginal social benefit or marginal social cost.
A
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Which of the following functions of money would be violated if inflation were high?
A) store of value B) medium of exchange C) unit of account D) certificate of gold
A large majority of the personal computers (PCs) in the United States use an operating system purchased from Microsoft. Microsoft's relationship with PC manufacturers is an example of which of Porter's competitive forces?
A) the bargaining power of suppliers B) the threat from new entrants C) the bargaining power of buyers D) competition from substitute goods or services