In the Short-Run,the Efficient Industry Outcome Under Perfect Competition Occurs

question 16

Multiple Choice

In the short-run,the efficient industry outcome under perfect competition occurs at the level of output where _____.

• A)marginal benefit from the good,price and the marginal cost are equal.
• B)marginal benefit from the good exceeds the price of the good.
• C)price exceeds marginal cost
• D)consumer surplus equals producer surplus
• E)price of the good equals average cost

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Definitions:

Balance Sheet

A document detailing a business's assets, liabilities, and equity of shareholders at a particular moment, offering an overview of its financial health.

Spreadsheet

A digital document where data is arranged in rows and columns, commonly used for calculations and data analysis.

Job-Order Costing

An accounting method where costs are assigned to specific jobs or batches, allowing for a detailed tracking of production costs.

Manufacturing Overhead

All indirect costs associated with the production process, such as utilities, rent, and salaries for employees not directly involved in production.