Inefficient allocation of resources occurs when
a. no one can be made better off without having someone else give up something.
b. it is possible to make some people better off without making others worse off.
c. society is operating at a point high on the production possibilities frontier.
d. society is operating at a point low on the production possibilities frontier.
b
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The demand for household appliances increased due to an increase in consumers' incomes. This will lead to a ________, assuming all else equal
A) rightward shift of the labor demand curve of this industry B) leftward shift of the labor supply curve of this industry C) rightward shift of the labor supply curve of this industry D) leftward shift of the labor demand curve of this industry
If the real wage is above the equilibrium real wage, there would be a ________ of workers and the real wage would ________
A) surplus; decline B) surplus; rise C) shortage; decline D) shortage; rise