Highest willingness to pay, Macroeconomics

Assignment Help:

Since anyone is able to obtain a license, not necessarily the low cost suppliers of archery lessons, and it is not necessarily the individuals with the highest willingness to pay who are able to receive a lesson, what does it imply about the efficiency of the larger economy to which the market for archery lessons belongs?

a. the economy is efficient in consumption, production and output levels

b. the economy is not efficient in consumption, production and output levels

c. the quota prevents the market price from acting as an economic signal

d. Price will act as an economic signal, drawing in more archery instructors.


Related Discussions:- Highest willingness to pay

International Trade, How can an economy achieve mutual gain from Internatio...

How can an economy achieve mutual gain from International Trade?

Show the example on multiplier effect, Q. Show the example on multiplier ef...

Q. Show the example on multiplier effect? Emma makes a deposit:         Emma has 1,000 in her mattress and decides to deposit it in K-bank. Deposit won't affect the money

Money multiplier, what is money multiplier? what is role , importance, adva...

what is money multiplier? what is role , importance, advantages , disadvantages , limitations and examples of money multiplier?

Elucidate the rise in gdp, How much does GDP rise in each of the following ...

How much does GDP rise in each of the following scenarios: 1. During a recession, the government raises unemploymemnt benefits by $100 million. 2. A new US airline purchases

Additional marginal opportunity costs of our choices, We have been looking ...

We have been looking at just the Additional Marginal Opportunity Costs of our choices. What about the total cost? For example, we see and hear ads all the time about different cell

What do learn by study of the supply curve concepts, What do learn by study...

What do learn by study the supply curve concepts? a. The relationship in between quantity of inputs and output b. Why production is frequently subject to reducing  returns

Example of inventory investment- accounting system, ACCOUNTING SYSTEM-EXAMP...

ACCOUNTING SYSTEM-EXAMPLE IV  Now consider the economy as in example III. In the next year same outputs were produced and the same incomes were paid out. However, the household

International trade, factor contribute long run trend of term of trade in d...

factor contribute long run trend of term of trade in developing country

What is the macroeconomic policy, Macroeconomic policy Macroeconomic p...

Macroeconomic policy Macroeconomic policy trade-offs are likely along the short-run Phillips curve however are not maintainable in the long run. In the short run a government

Find out the true statement, Which one of the following statements is corre...

Which one of the following statements is correct? A. Most production possibilities curves illustrate decreasing marginal opportunity costs. B. Relative scarcity is no longer

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd