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 v because: O Some hamburgers produced incur opportunity costs of production that exceed their value or marginal benefit to consumers. O The opportunity cost of producing the last hamburger equals the marginal benefit of consumption. Which of the following must be true for a market to be able to achieve an efficient outcome? Check all that apply. O A central planner allocates limited resources according to the needs of the people. O Firms can freely enter or exit the market without any barriers. O The market price is determined solely by the forces of supply of and demand for a good. Evaluate the following statement. True or False: Prices tell entrepreneurs which areas of the economy they may profitably expand into. O True O False Evaluate the following statement. True or False: A good's market price communicates important information to decision makers in the economy. O True O False

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 v because: O Some hamburgers produced incur opportunity costs of production that exceed their value or marginal benefit to consumers. O The opportunity cost of producing the last hamburger equals the marginal benefit of consumption. Which of the following must be true for a market to be able to achieve an efficient outcome? Check all that apply. O A central planner allocates limited resources according to the needs of the people. O Firms can freely enter or exit the market without any barriers. O The market price is determined solely by the forces of supply of and demand for a good. Evaluate the following statement. True or False: Prices tell entrepreneurs which areas of the economy they may profitably expand into. O True O False Evaluate the following statement. True or False: A good's market price communicates important information to decision makers in the economy. O True O False

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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