What is wrong with this statement: Whenever an industry fails to achieve allocative efficiency by producing too

Question:

What is wrong with this statement: “Whenever an industry fails to achieve allocative efficiency by producing too little output, a shortage arises.”

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Managerial Economics Foundations of Business Analysis and Strategy

ISBN: 978-0078021718

11th edition

Authors: Christopher Thomas, S. Charles Maurice

See More Books

Question Posted: Nov 18, 2014 04:24 AM

See More Questions

What is wrong with this statement of purpose? PURPOSE: Determine whether or not, over the course of the semester, the campus bus reaches your stop at the scheduled time. Give an improved statement of...
What is wrong with this statement of purpose? PURPOSE: Determine if a new style wireless mouse is comfortable. Give an improved statement of purpose.
What is wrong with this statement of purpose? PURPOSE: Determine if a newly designed roller-ball pen is comfortable to hold when writing. Give an improved statement of purpose.
Ned and Nelly Norbert, both aged 35, have three small children. Nancy aged 10, Nadia aged 8, and Nadine aged 3. The Norberts want to ensure that they have adequate resources in place to complete...
How would you recommend a company like United Airlines get started using marketing metrics to better manage its marketing performance and profitability?
A yo-yo-shaped device mounted on a horizontal frictionless axis is used to lift a 30 kg box as shown in Figure. The outer radius R of the device is 0.50 m, and the radius r of the hub is 0.20 m. When...
When should we use packaging? Discuss its pros and cons.
Which solutions of the following equations will exhibit convergent behavior? Which are oscillatory? All of the above differential equations have one common factor in their characteristic equations....
On March 1, ABC Holdings purchased land and three buildings for $1,200,000. The plan was to use "Building 1" as an office and to demolish "Building 2" and "Building 3" to make room for a parking lot....
Modern Advanced Accounting in Canada 8th edition Connect multiple choice: SJ Corporation, a Canadian corporation, has a December 31 year-end. On January 1, 2016, it borrowed US$2,000,000 from an...
Evaluate this statement: The only time that a change in resource allocation clearly increases social welfare is when the change represents a win-win situation.
How does a price ceiling undermine the rationing function of market-determined prices? How could rationing coupons insure that consumers with the highest values get the limited amount of a good...
The accompanying data set contains three predictor variables (x 1 , x 2 , and x 3 ) and the target variable (y). a. Bin predictor variables x 1 and x 2 . For Analytic Solver, choose the Equal count...
1) A developer approaches you after hearing you are involved with the cloud migration. The developer states that he is used to configuring his own workstation with needed software but that this...
If you need to implement 5G system, discuss the following considerations: 1. Cells and geography coverage: how to cover more areas in a building. (10 marks) 2. Frequency range, macrocell, microcell,...
Describe the process that are involves in data communication from sender to receiver as shown in the illustration.
1. Indicate whether you agree or disagree (or partially agree/disagree) with the statement below and explain why. "When we use puts to sell commodities, we are creating a minimum selling price for...
CASE 2: STAFFING: CHRISTIAN CORPORATION The department manager hold a regular staff meeting with her four sections heads confining each meeting to one chief problem. On this day, the subject was the...
A buy-and-hold investor purchases a fixed-rate bond at a discount and holds the security until it matures. Which of the following sources of return is least likely to contribute to the investors...
Consider the discrete group G of order 8 that has the following Cayley diagram e If we have the sequence of operations: fcagec, which of the options represents the reduction of the sequence to a...
Jana Kingston Corporation enters into a lease on January 1, 2015, that does not transfer ownership or contain a bargain-purchase option. It covers 3 years of the equipments 8-year useful life, and...
You are the manager of a firm that receives revenues of $30,000 per year from product X and $70,000 per year from product Y. The own price elasticity of demand for product X is 2.5, and the...
A quant jock from your firm used a linear demand specification to estimate the demand for its product and sent you a hard copy of the results. Unfortunately, some entries are missing because the...
Suppose the true inverse demand relation for good X is P = a + bQ + e, and you estimated the parameters to be = 10, b = 2.5, a = 1, and b = 0.5. Find the approximate 95 percent confidence interval...
A motorist travels 70 mi while driving in a bad rainstorm. In sunny weather, the motorist drives 30 mph faster and covers 130 mi in the same amount of time. Find the speed of the motorist in the...
Using the following information, prepare the following financial statements in good form: Cost of Goods Sold Statement Multi - Step Income Statement Retained Earnings Statement Classified Balance...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales 2021 $ 559,409 2020 2019 $ 428,553 $ 297,400 Cost of...

What is wrong with this statement: Whenever an industry fails to achieve allocative efficiency by producing too

Question:

Step by Step Answer:

A shortage definitely results in an underallocation of resources to an industry However undera...View the full answer

Managerial Economics Foundations of Business Analysis and Strategy

Students also viewed these Economics questions