A firm produces the quantity of output at which P = MC and P = ATC. It follows that the firm is
A) resource allocative efficient, but not necessarily productive efficient.
B) productive efficient, but not necessarily resource allocative efficient.
C) both resource allocative and productive efficient.
D) neither resource allocative nor productive efficient.
Correct Answer:
Verified
Q158: For a price taker, market equilibrium price
Q159: In long-run competitive equilibrium, the market equilibrium
Q160: If, for a perfectly competitive firm, marginal
Q161: A perfectly competitive market is initially in
Q162: In a perfectly competitive market, if a
Q164: Which of the following statements is true?
A)A
Q165: If the long-run industry supply curve is
Q166: A perfectly competitive market is initially in
Q167: A perfectly competitive market is initially in
Q168: A perfectly competitive market is initially in
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents