For most commonly used social welfare functions, an efficient allocation is
A) always preferred over any inefficient allocation.
B) not possible.
C) usually preferred.
D) never preferred.
C
Economics
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A price floor is a price
A) below which a seller cannot legally sell. B) above which a seller cannot legally sell. C) that creates a shortage of the good if it is set above the equilibrium price. D) Both answers A and C are correct. E) Both answers B and C are correct.
Economics
The highest valued alternative that must be given up to engage in an activity is the definition of
A) marginal cost. B) marginal benefit. C) opportunity cost. D) economic equity.
Economics