Efficiency occurs when O producer surplus is maximized O total surplus is maximized all resources are being used consumer surplus equals prodcer surplus

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A: Consumer surplus refers to the difference between the actual amount paid by the consumer and the…

Q: Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce…

A: Given,

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Q: Consider your decision to read this textbook on economics. Identify which of the four core…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

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Q: What is the solution to question 6? I really need help with that one.

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A: To determine the most effective way of distributing donated items to the three local homeless…

Q: What is opportunity cost and what is its significance. In my homework .

A: Opportunity cost refers to the usual cost next best foregone. It is the cost of something that has…

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A: Economic decisions are the decisions by economic agents in order to sort out problems related to…

Q: Why social optimal output more beneficial to society?

A: A socially optimal output is produced at a point when the marginal social cost is equal to marginal…

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A: In economics, there is a basic assumption that consumers are rational in their decision making. This…

Q: True/False The resources used to make all goods and services are called factors of production

A: # Resources are the building blocks any economy. Without these we can't think of producing any good…

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A: The model of Herbert Simon is a decision making model. According to this model, the decision making…

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A: Scarcity is well defined when ends available to fulfill the need are limited and not easily…

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A: The scarcity of resources is determined when the demand for resources is more than the availability…

Q: What is a good way to calculate opportunity cost?

A: Opportunity costs is the next best alternative. It is what you give up when you choose one from the…

Q: Your elderly grandma tells you: "I haven't been taking my beloved walks because I'm concerned about…

A: The correct answer is: C) opportunity cost.