If the total output of some industry is allocated among its individual firms in such a way that the total cost of producing the industry's output is minimized, the industry will achieve
1) full employment of resources;
2) productive efficiency;
3) allocative efficiency.
A) 1 only
B) 2 only
C) 3 only
D) both 1 and 3
E) both 2 and 3
Correct Answer:
Verified
Q1: The diagram below shows the demand and
Q3: Choose the statement that best compares the
Q4: All points on a country's production possibilities
Q5: Q6: Monopoly is allocatively inefficient because Q7: The diagram below shows the market demand Q8: Choose the statement that best describes the Q9: In many cases throughout Canadian history, governments Q10: Suppose we compare two monopolists with identical Q11: In general, the sum of consumer and
A) the price
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