Use the Network Diagram and Activity Lengths in the Nodes

question 78

Multiple Choice

Use the network diagram and activity lengths in the nodes to determine the slack time for activity D.

• A) 3
• B) 2
• C) 1
• D) 0

Recognize the allocation efficiency in pure competition where production occurs at the output level where P = MC.

Comprehend the differences between short-run and long-run supply curves in purely competitive industries.

Describe the effect of new firms entering or existing firms leaving a purely competitive market on market supply and equilibrium.

Define productive efficiency and its relation to marginal cost and marginal revenue.