A) the most highly valued goods and services are produced.
B) all citizens have equal access to goods and services.
C) the environment is protected at all cost.
D) goods and services are free.
E) production takes place at any point on the PPF.
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A) Food from the Weld County Food Bank is distributed to families in need.
B) Lattes are sold at Starbucks.
C) Jose works at Intel. His manager tells him what work needs to be completed each month.
D) Matt's mother had the rule that whoever cuts the cake chooses their slice last.
E) Seventy percent of Austin's chess club wanted to purchase new chess sets and thirty percent did not. The club purchased the sets.
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A) highest price the seller hopes to realize for this output.
B) minimum price the seller must receive to produce this unit.
C) average price of all the prices the seller could charge.
D) price that sets the marginal benefit equal to the price.
E) only price for which the seller is willing to sell this unit of the good.
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A) of wasteful expenditures by people receiving welfare grants.
B) of the administrative costs to operate the government redistribution agencies.
C) the redistribution creates an incentive to produce less output.
D) Both answers B and C are correct.
E) Both answers A and C are correct.
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A) marginal benefit.
B) producer surplus.
C) marginal expenditure.
D) consumer surplus.
E) marginal cost.
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A) not buy the good.
B) receive the maximum consumer surplus.
C) receive no benefit from the good.
D) receive no consumer surplus from that unit of the good.
E) suffer a deadweight loss from buying the good.
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The statement is false.Allocative effici...View Answer
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A) increases if market price rises and the supply curve does not shift.
B) decreases if market price rises and the supply curve does not shift.
C) is equal to the maximum price consumers are willing to pay.
D) is the same as the marginal cost.
E) always must equal consumer surplus.
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a∙3 cars
b∙1 car
c∙This truck should be ...View Answer
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b∙1 car
c∙This truck should be ...
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A) demand curve and above the supply curve, up to the relevant quantity.
B) price and above the demand curve, up to the relevant quantity.
C) price and above the supply curve, up to the relevant quantity.
D) price and above the quantity axis, up to the relevant quantity.
E) demand curve and above the price, up to the relevant quantity.
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A) products are produced out of a seller's sense of charity.
B) when the seller is better off, the buyer is worse off.
C) sellers exploit consumers with high prices.
D) buyers and sellers are self-interested.
E) the command system is the only way of efficiently allocating resources.
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A) Less is produced relative to the efficient level, creating a deadweight loss.
B) More is produced relative to the efficient level, creating a deadweight loss.
C) Producer surplus is increased, which creates a larger consumer surplus.
D) Producers are able to sell the product at a higher price.
E) Consumers must pay a higher price for the good.
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A) A
B) B
C) C
D) D
E) Either point A or point D
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A) a marginal benefit curve.
B) a total benefit curve.
C) an average benefit curve.
D) a marginal cost curve.
E) None of the above answers is correct.
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A) The price must be equal to or less than the marginal benefit.
B) The total benefit received must equal the total spent to buy the good or service.
C) The consumer must be able to obtain some consumer surplus.
D) The consumer must not be able to produce the product.
E) The price must be equal to or greater than the marginal benefit.
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A) the marginal benefit is greater than the marginal cost.
B) resource use is efficient.
C) the marginal benefit is less than the marginal cost.
D) both the marginal benefit and the marginal cost of the last unit produced equal zero.
E) the marginal benefit is greater than the marginal cost by as much as possible.
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A) command
B) majority rule
C) force
D) personal characteristics
E) lottery
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A) competitive markets send resources to their highest valued uses.
B) government intervention is necessary to ensure efficiency.
C) marginal benefit decreases as more is consumed.
D) marginal cost increases as more is produced.
E) no matter what allocation method is used, the resulting production is efficient.
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A) Only ii
B) Only i
C) Only iii
D) i and ii
E) ii and iii
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A) both production and allocative efficiency.
B) only production efficiency.
C) only allocative efficiency.
D) neither production nor allocative efficiency.
E) None of the above answers is correct because when society must forgo another good to produce more of one good, then society might be production efficient or it might be allocatively efficient.
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