q 1,2,3 please thank you multichoice QUESTION 1Consumption (or "output") efficiency refers to a state whereonly when an economy produces underneath its production possibility frontierthe marginal utility of all products for all consumers are diminishingthe ouptput produced in an economy cannot be reallocated so that at least someone is better off and no one is worse offa given mix of outputs is produced at the least costQUESTION 2Sunk costs arecosts that cannot be avoided, because they have already been incurred.the costs of what we give up when we make a choice or a decision.the additional costs of producing an additional unit of a product.the additional costs of consuming an additional unit of a product.QUESTION 3What do economists call the idea that because of scarcity, producing more of one good or service means producing less of another good orservice?OptimisationEfficiencyTrade-offEquity

Answer: (C) The consumption or output efficiency occurs where the no one can be made better off…

QUESTION 1 onsumption (or "output") efficiency refers to a state where O only when an economy produces underneath its production possibility frontier O the marginal utility of all products for all consumers are diminishing O the ouptput produced in an economy cannot be reallocated so that at least someone is better off and no one is worse off O a given mix of outputs is produced at the least cost QUESTION 2 unk costs are O costs that cannot be avoided, because they have already been incurred. O the costs of what we give up when we make a choice or a decision.

QUESTION 1 onsumption (or "output") efficiency refers to a state where O only when an economy produces underneath its production possibility frontier O the marginal utility of all products for all consumers are diminishing O the ouptput produced in an economy cannot be reallocated so that at least someone is better off and no one is worse off O a given mix of outputs is produced at the least cost QUESTION 2 unk costs are O costs that cannot be avoided, because they have already been incurred. O the costs of what we give up when we make a choice or a decision.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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