Which of the following statements best describes allocative efficiency?

a. As additional increments of resources are added to producing a good or service, the marginal benefit from those additional increments will decline.
b. when it is impossible to produce more of one good (or service) without decreasing the quantity produced of another good (or service)
c. when a country can produce a good at a lower cost in terms of other goods; or, when a country has a lower opportunity cost of production
d. when the mix of goods being produced represents the mix that society most desires

d. when the mix of goods being produced represents the mix that society most desires

Economics

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How does the labor-leisure trade-off determine the supply of labor?

What will be an ideal response?

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Business cycles are a persistent feature of the U.S. economy

a. True b. False Indicate whether the statement is true or false

Economics