It makes sense to measure relative costs in terms of leisure time

A) because leisure time is of equal value to everyone.
B) because leisure time is the ultimate good.
C) only if leisure time is of equal value to everyone.
D) only in societies with labor-saving technologies.

C

Economics

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Each firm knows where its MR = MC output level is located

Indicate whether the statement is true or false

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An optimal allocation of resources is one which is:

a. unfair. b. fair. c. efficient. d. inefficient.

Economics