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 80 million hamburgers are being produced and sold at a price of $2.50. 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. Which of the following must be true for a market to be able to achieve an efficient outcome? Check all that apply. Every economic player works selflessly to promote the social interest. Private property rights are well-defined and enforced. A central planner allocates limited resources according to the needs of the people.

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 80 million hamburgers are being produced and sold at a price of $2.50. 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. Which of the following must be true for a market to be able to achieve an efficient outcome? Check all that apply. Every economic player works selflessly to promote the social interest. Private property rights are well-defined and enforced. A central planner allocates limited resources according to the needs of the people.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Something that is perceived as a luxury rather than a need is something that brings pleasure. Worldwide, the majority of people view food, shelter, and water as requirements. Undoubtedly, indoor plumbing and electricity would be included on the list by many Americans. As opposed to being a luxury, internet connection is increasingly considered as a need. But is it actually essential for surviving? What then happens to those who don't utilize or have access to the internet? Could the expansion of e-commerce be impacted by how people view Internet connection as a need or a luxury?
I need help for these questions l.
I am almost positive my answer is right. Is it?
Trying to figure out?
I need to pick an option
Can you please give me more details for each questions. I need more information. Thanks
Answer this question
I'm still not understanding
which is the right answer
why is visual content important?