2 What do economists mean when they say that resource allocation is ideal or effi- cient? Why...

Question:

2 What do economists mean when they say that resource allocation is ideal or effi- cient? Why is it sometimes argued that a purely competitive economy will allocate goods ideally? Explain.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Essentials Of Economics

ISBN: 396414

2nd Edition

Authors: James D Gwartney; Richard Stroup; J R Clark

See More Books

Question Posted: Oct 25, 2024 10:05 AM

See More Questions

Given an array, Arr[] of integer numbers have size N. The task is to find out single or consecutive numbers from Arr[] with 0 sum. When found, print "1" otherwise "0". Example-1: Input: 4 (6,-2,3,-1)...
Which party has the most risk in turning this question over to a third party to resolve? Why?
Penguin Co. uses an aging schedule of accounts receivable in estimating its bad debt expense. The total estimate, which appears on the aging schedule, will be equal to the amount of bad debt expense...
2 What do economists mean when they say that resource allocation is ideal or effi- cient? Why is it sometimes argued that a purely competitive economy will allocate goods ideally? Explain.
The Long-Term Debt section of Rodman Companys balance sheet as of December 31, 2010, included 8% bonds payable of $300,000 less unamortized discount of $22,000. Further examination revealed that...
Which statement about societal systemic advantage is true? Everyone is born with certain societal systemic advantages. Having a societal systemic advantage means a person did not work for their...
1 If the firms in a competitive industry are making short-run profits, what will happen to the market price in the long run? Explain.
3 "It's wrong to profit from someone else's needs?" Do you agree? (a) Should phy- sicians profit from the illness of their patients? Teachers from the ignorance of their students? Newscasters from...
Determine if f is a linear or nonlinear function. If f is a linear function, determine if f is a con- stant function. Support your answer by graphing f. f(x) = x + 1|
E 7-8 Sales returns LO7-4 Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales...
Team Spirit Calendars imprints calendars with college names. The company has fixed expenses of $ 1 comma 095 comma 000 each month plus variable expenses of $ 4.00 per carton of calendars. Of the...
partial credit,P7-69B (similar to) Question Help College SpiritCollege Spirit Calendars imprints calendars with college names. The company has fixed expenses of $ 1 comma 095 comma 000$1,095,000 each...
Requirement 3. Bathrooms and kitchens are typically the most important selling features of a home. Root Builders could differentiate the homes by upgrading bathrooms and kitchens. The upgrades would...
Score: 0.12 of 1 pt E8-19A (similar to) 2 of 10 (3 complete) Smith Builders builds 1,500-square-foot starter tract homes in the fast-growing suburbs of Atlanta. Land and labor are cheap, and...
Show that two phases are in thermal equilibrium only if their temperatures are the same.
Find the volume of the described solid S. A frustum of a right circular cone with height h, lower base radius R, and top radius r -r- --R

2 What do economists mean when they say that resource allocation is ideal or effi- cient? Why...

Question:

Step by Step Answer:

Essentials Of Economics

Students also viewed these Business questions