Economic efficiency means
A) the same as technical efficiency.
B) that all firms within a single competitive industry are producing at the same level of output.
C) that it is impossible to increase the output of any good without lowering the total value of the output of the economy.
D) that high-tech methods of production are the most efficient.
Correct Answer:
Verified
Q397: If a perfectly competitive industry is in
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Q401: Suppose the perfectly competitive equilibrium occurs such
Q403: The value of total output decreases when
Q404: In a long-run perfectly competitive equilibrium
A) P
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Q406: Economic efficiency is indicated by
A) P =
Q407: If markets are perfectly competitive, then the
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