A market achieves allocative efficiency when:
a. total surplus is at its maximum
b. consumer surplus is at its minimum.
c. demand is perfectly elastic.
d. market concentration is maximized.
a
Economics
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Production efficiency means that
A) scarcity is no longer a problem. B) producing more of one good is possible only if the production of some other good is decreased. C) as few resources as possible are being used in production. D) producing another unit of the good has no opportunity cost.
Economics
What are the two types of taxes that working individuals pay on their earnings?
A) individual income tax and social insurance taxes B) individual income tax and sales tax C) payroll tax and sales tax D) property tax and payroll tax
Economics