Fiat money has
A) a great intrinsic value that is independent of its use as money.
B) little to no intrinsic value and is authorized by the central bank or governmental body.
C) value, because it can be redeemed for gold by the central bank.
D) little to no intrinsic value but is backed by the quantity of gold held by the central bank.
B
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Allocative efficiency occurs in markets when
a. goods are produced using the least amount of society's scarce resources b. goods are produced at the lowest possible average total cost c. goods are produced at the lowest possible marginal cost d. the value to society of the last unit produced equals its marginal cost e. the value to society of the last unit produced is greater than its marginal cost
Invention cannot be successful financially if price is
a. greater than marginal cost because invention is based largely on social costs. b. greater than marginal cost because invention is based solely on external costs. c. equal to marginal cost because invention is based largely on variable costs. d. equal to marginal cost because invention is based largely on fixed costs.