What is efficiency?
What will be an ideal response?
Efficiency is the condition in which the economy is producing what people want at the least possible cost.
Economics
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If a firm in a competitive market decreases the quantity of output sold, total revenue should
a. decrease. b. increase. c. should change proportionately to the change in total costs for the firm. d. remain the same.
Economics
Convexity of indifference curves implies that consumers are willing to
A) give up more "y" to get an extra "x" the more "x" they have. B) give up more "y" to get an extra "x" the less "x" they have. C) settle for less of both "x" and "y." D) acquire more "x" only if they do not have to give up any "y."
Economics