1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
nignag [31]
3 years ago
12

When property rights are well defined and markets are: competitive market equilibrium violates the conditions for economic effic

iency.market equilibrium is consistent with economic efficiency.conditions necessary for economic efficiency no longer apply.quantity supplied will rarely equal the quantity demanded.
Business
1 answer:
Sergeu [11.5K]3 years ago
5 0

Complete Question:

When property rights are well defined and markets are competitive, the

Group of answer choices:

a. market equilibrium violates the conditions for economic efficiency.

b. market equilibrium is consistent with economic efficiency.

c. conditions necessary for economic efficiency no longer apply.

d. quantity supplied will rarely equal the quantity demanded.

Answer:

b. market equilibrium is consistent with economic efficiency.

Explanation:

A property right is the exclusive or sole authority which determines the legal ownership of resources and how these resources are to be used, whether by individuals or government.

Also, a competitive market is a type of market that comprises of numerous producers who compete with each other so as to satisfy or meet the material needs and wants of consumers at a specific period of time.

Hence, when property rights are well defined and markets are competitive, the market equilibrium is consistent with economic efficiency.

<em>This ultimately implies that, when the ownership of resources are well defined and markets are competitive, all benefits from trade between the consumers and producers of goods and services has been maximized, and each units creating more benefit to the consumers than cost have been produced in the economy. </em>

You might be interested in
As winner of a breakfast cereal competition, you can choose one of the following prizes: a. $100,000 now.
Shkiper50 [21]

answer

<em>c </em><em> </em><em>i </em><em>don't </em><em>need </em><em>to </em><em>explain </em><em>I'd </em><em>take </em><em>c</em>

7 0
3 years ago
In 2010, the imaginary nation of Bovina had a population of 5,000 and real GDP of 600,000. In 2011 it had a population of 5,200
Evgesh-ka [11]

Answer:

Option (b) is correct.

Explanation:

In 2010,

Real GDP = 600,000

Population = 5,000

Real GDP per person:

= Real GDP ÷ Population

= 600,000 ÷ 5,000

= 120

In 2011,

Real GDP = 636,480

Population = 5,200

Real GDP per person:

= Real GDP ÷ Population

= 636,480 ÷ 5,200

= 122.4

Growth rate of real GDP per person during the year 2011:

= [(Real GDP per person in 2011 - Real GDP per person in 2010) ÷ Real GDP per person in 2010] × 100

= [(122.4 - 120) ÷ 120] × 100

= (2.4 ÷ 120) × 100

= 0.02 × 100

= 2%

It was seen from the data available on the world bank that the United states real GDP per person is growing at an average rate of 2% between 1910 and 2010.

Hence, the Growth rate of real GDP per person during the year 2011 is about the same as average U.S. growth over the last one-hundred years.

6 0
3 years ago
True or False: Economists believe that social regulation is an exception to the MB = MC rule because social regulation should in
Soloha48 [4]

Answer:

TRUE

Explanation:

The statement is True. Economists believe that social regulation is an exception to the MB=MC rule. The social regulation is an important aspect for a company as a repsonsibility towards the society. There must be awareness among the customers about the products offered to them and advantages of its utilisation to them. This includes the efforts of the companies to advertise the product ina proper manner. It also requires the company to be fair with their customers with respect to the ingredients or the raw material to be used by the manufacturers of the products. The working conditions of the manufacturing firms must be adequate for the employees to deliver an efficient product.

Thanks

8 0
3 years ago
Doing the right task is known in management as what
Tems11 [23]

Answer:

Doing the right task is known in management as performance.

Explanation:

Management ensures that the right tasks are performed by coordinating the various activities that help it to achieve goals.  It also plans the right tasks to be carried out in order to achieve set goals and objectives.  In doing all these, it also considers the cost and benefit to be incurred and derived respectively from executing its responsibilities.  Management is always interested in minimizing costs while maximizing benefits.  Management is also concerned with efficiency, by which it minimizes the wastage of resources (such as time, money, and efforts) and ensures optimum utilization of all its resources.

3 0
3 years ago
If actual manufacturing overhead costs are less than the applied manufacturing overhead, then manufacturing overhead is:
Genrish500 [490]

Answer:

Under applied

Explanation:

Actual manufacturing overhead costs are those amounts of overhead costs that are incurred by a firm during production processes.

Applied manufacturing overhead costs are those costs that are added to jobs as they near completion. Usually, as work or job nears completion during the year, the predetermined overhead rate and actual activity level are used to apportion them.

In general, manufacturing overhead costs are those costs that are not direct labor costs or direct material costs; which is made of expenses like equipment and lightening. It could either be under or over applied. It is under applied as in the above while it is over applied when the actual manufacturing overhead costs are more than the applied manufacturing overhead costs.

8 0
3 years ago
Other questions:
  • KaiLynn has total job benefits of $41,000 per year in her sales job. She pays $63 each month for a cell phone for work. She is a
    5·1 answer
  • Stonybrook Organics—famous for its organic yogurt—came out with an advertisement that showed an idyllic setting of a cow resting
    11·1 answer
  • Highfill Corporation's variable overhead is applied on the basis of direct labor-hours. The standard cost card for product D80D
    14·1 answer
  • Since the great recession, americans' primary _____ have been rising costs and stagnant income.
    13·1 answer
  • Francis Companyhas 24,000 shares of common stock outstanding at the beginning of 2019. Francis issued 3,000 additional shares on
    14·1 answer
  • Mr. Merritt lists 6 key traits of a leader. What are they
    5·1 answer
  • You want to create a relational database for your company. Which application below would assist you in doing this?
    14·1 answer
  • Madsen Motors's bonds have 18 years remaining to maturity. Interest is paid annually, they have a $1,000 par value, the coupon i
    7·1 answer
  • Lyon Manufacturing Company produces products A, B, C, and D through a joint process. The joint costs amount to $100,000. Product
    9·1 answer
  • If a company can use 100% of its
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!