If we wanted to make the statement that a particular point on a production possibility frontier was both allocatively andtechnically efficient, which of the following additional pieces of information would we need?Selected answer will be automatically saved. For keyboard navigation, priess up/down arrow keys to select an answer,abCdThe relative prices of the goods.Consumer preferences between the goods.The costs of production of the goods.We don't need any additional information-if a point is technically efficient, it is also allocatively efficient.

A point is said to be productive and efficient if it lies on the production possibility frontier.…

If we wanted to make the statement that a particular point on a production possibility ter was DULIT technically efficient, which of the following additional pieces of information would we need? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a b C d The relative prices of the goods. Consumer preferences between the goods. The costs of production of the goods. We don't need any additional information if a point is technically efficient, it is also allocatively efficient.

If we wanted to make the statement that a particular point on a production possibility ter was DULIT technically efficient, which of the following additional pieces of information would we need? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a b C d The relative prices of the goods. Consumer preferences between the goods. The costs of production of the goods. We don't need any additional information if a point is technically efficient, it is also allocatively efficient.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.1P

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