Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Informational efficiency Group of answer choices can be achieved only when everyone knows everyone else's marginal benefits and marginal costs. occurs when buyers and sellers

Informational efficiency Group of answer choices can be achieved only when everyone knows everyone else's marginal benefits and marginal costs. occurs when buyers and sellers can communicate their respective marginal benefits and marginal costs to each other. is easily proven mathematically to occur in competitive markets, much like Pareto efficiency has been proven to occur in such markets. occurs in a centralized allocation system like that of the former Soviet Union. occurs when it is costless to send messages

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of economics

Authors: N. Gregory Mankiw

6th Edition

978-0538453059, 9781435462120, 538453052, 1435462122, 978-0538453042

More Books

Students also viewed these Economics questions

Question

Why are positive stereotypes harmful?

Answered: 1 week ago