The term allocative efficiency refers to
A) the level of output that coincides with the intersection of the MC and AVC curves.
B) minimization of the AFC in the production of any good.
C) the production of the product mix most desired by consumers.
D) the production of a good at the lowest average total cost.
Correct Answer:
Verified
Q174: Productive efficiency refers to
A)cost minimization, where P
Q175: If a purely competitive firm is producing
Q176: Q177: Q178: Allocative efficiency occurs when the Q180: If production is occurring where marginal cost Q181: In a purely competitive industry, an optimal Q182: In long-run equilibrium, a purely competitive firm Q183: Which would indicate that a firm is Q184: Pure competition produces a socially optimal allocation
A)minimum of average
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