The term productive efficiency refers to
A) any short-run equilibrium position of the competitive firm
B) the production of all goods and services that consumers need
C) the production of a good at the lowest long-run average cost
D) the equality between average total and average variable cost
E) satisfying the condition that MR = MC
Correct Answer:
Verified
Q1: Long-run expansion in an increasing-cost industry increases
Q2: The term allocative efficiency refers to
A)the level
Q4: In the short run, producers derive surplus
Q5: When an industry supply curve increases enough
Q6: The relationship between price and quantity supplied
Q7: Economic profits in a competitive industry are
Q8: Resources are efficiently allocated when production occurs
Q9: In the short run, producers derive surplus
Q10: A firm that minimizes average cost will
Q11: Compared to the short run, the long-run
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