Resources are efficiently allocated when production occurs at that point at which
a. marginal cost intersects average variable cost
b. price is equal to average revenue
c. price is equal to marginal cost
d. marginal revenue equals marginal cost
e. price is equal to average variable cost
C
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A homeowner wants to purchase the property on both sides of his house so he can expand the size of his home and increase property values throughout his neighborhood. In this case,
A) eminent domain would likely be used to reduce transactions costs. B) eminent domain would likely be used to reduce the holdout problem. C) eminent domain would not likely be used. D) eminent domain would likely be used because this transaction would increase cooperative surplus.
The value you give today to money you will receive in the future is called the future payment's
A) present value. B) future value. C) historical value. D) time-sensitive value.