Fill in the blank: When a chooser asks herself "Is it worth it?," she is trying to evaluate the ________ of a particular project or plan of action
A) technical efficiency
B) objective efficiency
C) economic efficiency
D) engineering efficiency
C
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If something is to serve as money it must be a store of value. This means that it must
A) be divisible. B) be the standard by which all goods are compared in setting prices. C) hold its purchasing power over time. D) be liquid.
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. If Kate produces 10,000 cubic yards per year, what is Alice's inverse demand function?
A. P = 75 - 0.005QK B. P = 75 - 0.005QA C. P = 50 - 0.005QK D. P = 50 - 0.005QA