If a Market Is Productively Efficient

question 26

Multiple Choice

If a market is productively efficient,

• A)the output is being produced at the lowest possible resource cost
• B)the output is selling for the lowest possible price
• C)economic profit in the market is positive
• D)the output being produced is what consumers want
• E)no firm can earn a normal profit

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Definitions:

Strict Product Liability

The legal responsibility of a seller or manufacturer for any injury caused by selling or manufacturing a defective product, regardless of negligence or fault.

Motion To Dismiss

is a legal request asking a court to dismiss a case for specific reasons, such as lack of jurisdiction or failure to state a claim.

Retailer Liability

This pertains to the legal responsibility of retailers to ensure that the products they sell are safe and meet specific standards to protect consumers.

Kansas City Royals

A Major League Baseball team based in Kansas City, Missouri, known for their competitive games and loyal fan base.