We can say that the allocation of resources is efficient if
a. producer surplus is maximized.
b. consumer surplus is maximized.
c. total surplus is maximized.
d. sellers' costs are minimized.
c
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In the United States, the rate of unionization is:
A. higher for sales workers than for transportation workers. B. lower for managers than for teachers. C. lower for production workers than for sales workers. D. higher for social workers than for protective service workers.
Which of the following best describes the comparative advantage of the two countries illustrated in Figure 35.1?
A. Japan has a comparative advantage in motorcycles, the United States in DVD players. B. Japan has a comparative advantage in both goods. C. The United States has a comparative advantage in both goods. D. Japan has a comparative advantage in DVD players, the United States in motorcycles.