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ensures that resources are allocated to their highest-valued uses. a. Monopoly b. Government C. The consumer d. Competition e
Styles 3 As the wago rato increases, the quantity supplied of labor in a market will a. increase. b. decrease c. first increa
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21 If electric rates were increased by 10 percent because of increased prices of fuel oil and natural gas, and the quantity d
23 Airlines now charge passengers for checking huggage, and for food and blankets in flight. Airlines must have determined th
25 For a downward sloping straight-line demand curve, the top portion of the curve is generally a perfectly elastic b. clasti
27 Which of the following statements best describes how a business determines whether to increase or decrease the price of th
31 The demand for a product is said to be inelastic if total consumer expenditures a remain constant as price changes b. rise
33 Assume that a new nuclear power plant wishes to raise consumers electrical rates to cover the unexpectedly high costs of
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36 If there are few substitutes for a product, few competitors, and a short time period under consideration, then a the price

its fundamentals to economics
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Answer #1

Question 1

When resources are allocated to their highest-valued uses then resources are said to be used in efficient manner.

This efficiency is attained when the level of competition is high.

So,

The competition ensures that the resources are allocated to their highest valued use.

Hence, the correct answer is the option (d).

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