The concept of Pareto optimality is a
A) utopian concept.
B) useful concept because it guarantees economic equality.
C) useful concept because it defines economic efficiency.
D) useful concept that carefully balances a society's desires for equality and efficiency.
C
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Refer to the information provided in Table 36.3 below to answer the question(s) that follow. Table 36.3 PointAggregate Income (Y)Aggregate Consumption (C) A 15 19 B 30 23 C 45 27 D 60 31 E 75 35 F 90 39The data in the table was used to estimate the following consumption function: C = 20 + 0.2YRefer to Table 36.3. The error for point D is equal to
A. -2. B. -1. C. +1. D. +2.
When the marginal revenue curve cuts the horizontal axis,
A) demand is relatively elastic. B) demand is relatively inelastic. C) demand is perfectly elastic. D) demand is unitary elastic.