(Solved): Consider the market for hamburgers in an economy where the market equilibrium is characterized by a ...

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 hamburgen. Suppose that currently 50 million hamburgers are being produced and sold at a price of \( \$ 5.00 \). 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 that are valued more highly by consumers than their opportunity cost of production are not being produced and sold. 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. The market price is determined solely by the forces of supply of and demand for a good. Private property rights are well-defined and enforced. A central planner allocates limited resources according to the needs of the people. 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: Suppose widespread forest fires destroy a large number of trees, rosulting in a reduced supply of lumber to build homes. The higher price of lumber that results is the signal sent to builders that causes them to turn to substitute building materials (such as bricks) that ate naw. relatively less expensive. True False