Efficiency occurs if the:
A. government does not interfere with market prices.
B. market is in equilibrium.
C. individually rational quantity of goods and services is being produced.
D. socially optimal quantity of goods and services is being produced.
Answer: D
Economics
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The optimal decision rule is less than unanimity
a. True b. False
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Graphically, the average productivity of labor would be illustrated by the slope of the marginal productivity curve at the relevant point
a. the slope of the total product curve at the relevant point. b. c. the negative of the slope of the marginal productivity curve at the relevant point. d. the slope of the chord connecting the origin with the relevant point on the total output curve.
Economics