When goods and services are produced at the lowest possible cost, ________ occurs
A) efficient central planning B) equity
C) productive efficiency D) allocative efficiency
C
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Once a point on a contract curve has been chosen,
A) it is possible to make both individuals better off. B) it is possible to make one individual better off only at the expense of the other. C) there is no change that would make both individuals worse off. D) it is impossible for both individuals to have more of both goods.
Unlimited liability means
a. a firm is always liable for damages when it is at fault b. if a firm is sued, it has enough insurance to pay the damages c. the owners are personally liable for all the debts of the firm d. a corporation is not held liable for the stockholders' errors e. a sole proprietor's own net worth cannot be used to pay debts