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An efficient outcome occurs when resources are allocated in a way that maximizes total benefit or utility without wasting any resources. This means that no further improvements can be made without making someone worse off, known as Pareto efficiency. In such an outcome, all possible gains from trade have been realized, and the production of goods and services meets consumer preferences optimally.
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What describes an efficient outcome?
A car is designed to waste as little fuel as possible.
Which of the following best describes the kinds of decisions that result from using cost-benefit analysis?
An outcome with benefits that are greater than the costs.
What is mean efficient?
Definition of efficientadjective1(of a system or machine) achieving maximum productivity with minimum wasted effort or expense: more efficient processing of information[in combination] preventing the wasteful use of a particular resource: an energy-efficient heating system2(of a person) working in a well-organized and competent way: an efficient administrator
What describes an efficient outcome in economics?
An efficient outcome in economics occurs when resources are allocated in a way that maximizes total welfare or utility, meaning that no individual can be made better off without making someone else worse off, a situation known as Pareto efficiency. This typically happens when goods and services are produced at the lowest possible cost and consumed by those who value them the most. Efficient outcomes reflect optimal production and consumption levels, ensuring that supply meets demand without excess waste or shortages.
What describes the kinds of decisions that result from using cost-benefit analysis?
An outcome with benefits that are greater than the costs.
What describes an efficient outcome?
A car is designed to waste as little fuel as possible.
What describes efficient outcome?
A car is designed to waste as little fuel as possible.
Ask us anythingWhich of the following best describes the usefulness of a simulation as an experimental tool?
it can help predict the outcome of an event
Which of the following best describes the kinds of decisions that result from using cost-benefit analysis?
An outcome with benefits that are greater than the costs.
Which of the following best describes an outcome of the War Powers Resolution of 1973?
It limited the president's ability to deploy troops without consulting Congress.
What of the following describes an outcome of the US invasion of Iraq in 2003?
The United States eliminated Iraq's dictator but created resentment among many Muslims.
Which describes the outcome of the siege of Petersburg?
A
What describes someone's expected outcome from investing in the stock market?
Making profit from savings, describes someone's expected outcome from investing in the stock market. Making profit from savings
What describes someones expected outcome from investing the stock market?
Making profit from savings, describes someone's expected outcome from investing in the Stock Market. Making profit from savings
Which term describes a prediction of the probable course and outcome of a disease?
prognosis
What describes an outcome?
A car is designed to waste as little fuel as possible.
Which of the following describes a possible benefit of a failed simulation?
genetically modified organisms are exchanged among investigators.
