To use an analogy that helps explain the ABCs of economic development: To build a skyscraper, you must first build the foundation. In order for an economy to create economic development, it must first develop a solid

Allocative efficiency is achieved when firms produce goods and services

A) that consumers value most. B) at a marginal cost of zero. C) at the lowest possible cost. D) at the lowest opportunity cost.

If the market price in a competitive market is below the minimum of average variable cost, the firm will shut down

Indicate whether the statement is true or false