If an economy produces its most wanted goods but uses outdated production methods, it is:
A. achieving productive efficiency but not allocative efficiency.
B. not achieving productive efficiency.
C. achieving both productive and allocative efficiency.
D. engaged in roundabout production.
Answer: B
Economics
You might also like to view...
The table above gives the demand schedule for peas. Between point C and point D, the price elasticity of demand is
A) elastic. B) unit elastic. C) 0.75. D) 3.00.
Economics
A formal agreement among the firms in an industry to coordinate their production and pricing decisions in order to earn monopoly profits is known as
a. price discrimination b. the kinked demand curve c. monopolistic competition d. a cartel e. joint competition
Economics