The choice on a production possibilities set that is socially preferred or the choice on an individual's budget constraint that is personally preferred displays allocative efficiency

The income distribution is a more accurate measure of economic inequality than the wealth distribution because income excludes human capital

Indicate whether the statement is true or false

Because of product differentiation in a monopolistically competitive market, the demand curve for an individual firm will be

A) horizontal. B) vertical. C) downward sloping. D) upward sloping.