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Business, 25.06.2019 10:30 quaseabrough1

The pricing system consider the market for hamburgers in an economy where the market equilibrium is characterized by a quantity of hamburgers of 50 million and a price of $5.00 per hamburger. suppose that currently 80 million hamburgers are being produced and sold at a price of $2.50. this outcome in the market for hamburgers is economically because: the opportunity cost of producing the last hamburger equals the marginal benefit of consumption. some hamburgers produced incur opportunity costs of production that exceed their value or marginal benefit to consumers. which of the following must be true for a market to be able to achieve an efficient outcome? check all that apply. firms can freely enter or exit the market without any barriers. private property rights are well-defined and enforced. the market price is determined solely by the forces of supply of and demand for a good. evaluate the following statement. true or false: prices tell entrepreneurs which areas of the economy they may profitably expand into. true false evaluate the following statement. true or false: a good's market price communicates important information to decision makers in the economy. true false

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