If the Total Output of Some Industry Is Allocated Among

question 75

Multiple Choice

If the total output of some industry is allocated among its individual firms in such a way that the total cost of producing the industry's output is minimized,we know the industry has achieved
1) full employment of resources;
2) productive efficiency;
3) allocative efficiency.

• A)1 only
• B)2 only
• C)3 only
• D)both 1 and 3
• E)both 2 and 3

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Definitions:

Compounded Semiannually

Interest calculation method where interest is added to the principal amount twice a year, leading to interest on interest in the second half.

Simple Interest

Interest calculated on the principal amount of a loan or deposit, without compounding over time.

Interest Paid

Interest paid refers to the amount of money a borrower pays to a lender for the use of borrowed funds over a period of time, typically expressed as a rate of the principal.

Equal Installments

Equal installments refer to payments of the same amount made periodically over the term of a loan or financing agreement.