The economic efficiency of any process will be evaluated by
A) the proportion of marginal to non-marginal costs.
B) the ratio of work done to energy supplied.
C) comparing what is gained from what is sacrificed.
D) the relationship of supply to demand.
C
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In the graph shown above, at a price of $3.00
A. there is a shortage.
B. there is a surplus.
C. quantity supplied is greater than quantity demanded.
D. None of these choices are correct.
When Iceland can generate a product using fewer labor hours and resources than the United States, an economist would say that Iceland had
a. a comparative advantage in production of the product.
b. an absolute advantage in production of the product.
c. a higher opportunity cost of producing the product.
d. no incentive to import the product, regardless of the cost-price conditions for other products.