A competitive firm is said to be allocatively efficient if _____.
A) it earns supernormal profits
B) its price equals marginal cost
C) its marginal cost equals average cost
D) its average cost is minimum
Correct Answer:
Verified
Q29: In the short run, a perfectly competitive
Q30: A firm is productively efficient in the
Q31: A competitive firm will make losses when
Q32: _ is equal to revenues less raw
Q33: In the short run, a perfectly competitive
Q35: Which of the following is true for
Q36: A profit-maximizing firm is producing an output
Q37: In the short run, a competitive firm
Q38: Normal economic pro?ts are:
A) the same as
Q39: Suppose a perfectly competitive firm is making
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