TIPLE CHOICE. Choose the one alternative that best c ion. A) production at some
ID: 1137775 • Letter: T
Question
TIPLE CHOICE. Choose the one alternative that best c ion. A) production at some point inside of the production B) the use of the least-cost method of production. C) the production of the product mix most wanted b D) the full employment of all available resources. 1) Productive efficiency refers to 2) A market is in equilibrium A) at all prices above that shown by the intersection B) whenever the demand curve is downsloping and C) if the amount producers want to sell is equal to t D) provided there is no surplus of the product. ) If Z is an inferior good, an increase in money income B) d D) s Answer the question on the basis of the given supply A) supply curve for Z to the left. C) demand curve for Z to the right. Bushels Demanded Per Month Price Per RushExplanation / Answer
Q1
Option D
The efficient output is producing on the PPF or using all the available resources which are shown by the PPF itself.
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Q2
Option C
A market is an equilibrium when the Qd=Qs
the quantity demanded equals the quantity supplied by producers at a price at this level the market is in equilibrium.
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Q3
Option B
The increase in income shifts the inferior good demand curve to left. because of the relationship between income and the inferior good is negative.
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