Question

What standard is used to determine the most efficient economic outcome? (a) lowest cost (b) highest...

What standard is used to determine the most efficient economic outcome?

(a) lowest cost

(b) highest benefit

(c) largest economic surplus

(d) smallest inequality

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Correct answer is option(A).Lowest cost.

Reason- Goods are produced at their lowest possible cost, and allocate them at their best, only then the most efficient outcomes will achieve.

No set inception decide the effectiveness of an economy but the economic indicators efficiency consist that if any firm brought their goods to market at lowest possible value and labour so that offers the greatest feasible (possible) output.if a firm wants efficient economic outcomes then they should remember their final product cost should be minimum as possible with best quality texture.

So lowest cost will prove itself the determinant of efficient economic outcomes. And other options will not at all the determinants of Efficient economic outcomes.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The most successful products are the ones which: A) are the highest quality B) fulfill an...
The most successful products are the ones which: A) are the highest quality B) fulfill an unmet need C) are the lowest price D) come from the most popular brand
8. What is the standard deviation? A. measure of the difference between the highest and lowest...
8. What is the standard deviation? A. measure of the difference between the highest and lowest variates. B. measures how far the average variate differs from the mean. C. measure of differences between the individual variate and the entire population. D. measure of how widely individual variates in a population vary. 13. An appraiser should be A. objective. B. consulted only in sales transactions. C. compensated based on the determined value of the property. D. a party to a transaction....
Perform a task analysis to determine the most efficient and cost-effective method of staffing for security...
Perform a task analysis to determine the most efficient and cost-effective method of staffing for security in health care. 1) The patrol zones take an average of 60-90 minutes (instead of 30-60). 2) The officer works anywhere from 390 to 408 minutes (instead of 408-432) Part A) Determine the productivity rate, standards of performance, and types of forms that can be used for tracking purposes. 1) Productivity Rate: calculate the Department's average productivity rate. 2) Standards of Performance: determine what...
A situation in which a good is produced at the lowest possible cost is a. Economic...
A situation in which a good is produced at the lowest possible cost is a. Economic efficiency b. Allocative efficiency c. Productive efficiency d. None of the above
“Social Cost-Benefit Analysis (SCBA) is an assessment method used to determine the economic prudence of a...
“Social Cost-Benefit Analysis (SCBA) is an assessment method used to determine the economic prudence of a project, programme, or policy to all relevant members of society”. Critically examine this statement.
Which of the following rankings, from lowest to highest, is highly accurate? a. cost of debt,...
Which of the following rankings, from lowest to highest, is highly accurate? a. cost of debt, cost of preferred stock, cost of common stock, cost of retained earnings b. cost of common stock, weighted average cost of capital, cost of debt c. cost of new common stock, cost of preferred stock, cost of debt, cost of internal equity d. cost of debt, weighted average cost of capital, cost of common stock
1) Which of the following is true about income inequality? A) Inequality tends to be greatest...
1) Which of the following is true about income inequality? A) Inequality tends to be greatest in the poorest countries. B) Inequality is not an issue for developed countries. C) Inequality tends to get worse as a country develops. D) Inequality tends to diminish as the population increases 2) Poverty is most likely to decrease when A) Population increases regardless of what happens to economic growth. B) GDP increases regardless of what happens to population growth. C) Population growth exceeds...
Soal 13 Marginal cost is Select one: a. zero at the efficient level of production. b....
Soal 13 Marginal cost is Select one: a. zero at the efficient level of production. b. the total opportunity cost of producing all the units of the good. c. the same as the marginal benefit because producers benefit from the money they receive when they sell the good. d. the opportunity cost of producing one more unit.
Which of the following statements is FALSE? A. Private bargaining will lead to an efficient outcome...
Which of the following statements is FALSE? A. Private bargaining will lead to an efficient outcome in the case of externalities, regardless of transaction costs. B. Due to non-excludability of public goods, many people are unwilling to pay for their own consumption. C. An outcome is efficient when marginal social benefit equals marginal social cost. D. The external cost resulting from a negative externality can be reduced by imposing a Pigouvian tax. Reset Selection Question Suppose that the market for...
Compare the following 3 alternatives using the incremental benefit/cost ratio method. Determine which is the most...
Compare the following 3 alternatives using the incremental benefit/cost ratio method. Determine which is the most efficient and which one is the most profitable. The market rate is 7.5% per year compounded yearly and inflation runs at 2.75% per year. Alter. Construction cost Annual Benefits Salvage Life (yrs) A $410,000 $260,000 $25,000 35 B $375,000 $220,000 $20,000 30 C $520,000 $280,000 - infinite
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT