
A perfectly competitive industry achieves allocative efficiency when
A) goods and services are produced at the lowest possible cost.
B) goods and services are produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it.
C) it produces where market price equals marginal production cost.
D) firms carry production surpluses.
Correct Answer:
Verified
Q275: In early 2007, Pioneer and JVC, two
Q276: Why would a company continue to operate
Q277: Writing in the New York Times on
Q278: Assume that the personal computer industry is
Q279: Which of the following describes a situation
Q281: Which of the following describes a difference
Q282: If productive efficiency characterizes a market
A)the marginal
Q283: Allocative efficiency is achieved in an industry
Q284: Firms in perfect competition produce the productively
Q285: Perfectly competitive firms produce up to the
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