Consider the market for hamburgers in an economy where the market equilibrium is characterized by a quantity of hamburgers of 50 million and a price of $5.00 per hamburger. Suppose that currently 50 million hamburgers are being produced and sold at a price of $5.00. This outcome in the market for hamburgers is economically because: The opportunity cost of producing the last hamburger equals the marginal benefit of consumption. Some hamburgers produced incur opportunity costs of production that exceed their value or marginal benefit to consumers. Some hamburgers that are valued more highly by consumers than their opportunity cost of production are not being produced and sold. Which of the following must be true for a market to be able to achieve an efficient outcome? Check all that apply. Firms can freely enter or exit the market without any barriers. Every economic player works selflessly to promote the social interest. The market price is determined solely by the forces of supply of and demand for a good.

Consider the market for hamburgers in an economy where the market equilibrium is characterized by a quantity of hamburgers of 50 million and a price of $5.00 per hamburger. Suppose that currently 50 million hamburgers are being produced and sold at a price of $5.00. This outcome in the market for hamburgers is economically because: The opportunity cost of producing the last hamburger equals the marginal benefit of consumption. Some hamburgers produced incur opportunity costs of production that exceed their value or marginal benefit to consumers. Some hamburgers that are valued more highly by consumers than their opportunity cost of production are not being produced and sold. Which of the following must be true for a market to be able to achieve an efficient outcome? Check all that apply. Firms can freely enter or exit the market without any barriers. Every economic player works selflessly to promote the social interest. The market price is determined solely by the forces of supply of and demand for a good.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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