An Economy Will Be Allocatively Efficient If

question 77

Multiple Choice

An economy will be allocatively efficient if

• A)least-cost production techniques are employed by all firms.
• B)the marginal costs of all firms in an industry are equal.
• C)marginal cost equals price for all goods.
• D)the economy's resources are fully employed.
• E)imperfectly competitive markets are regulated.

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Definitions:

Teams

Groups of individuals organized to work together to achieve a specific goal or set of objectives.

Organisations

Groups of individuals structured in a systematic way to achieve specific goals or tasks through collective effort.

Cohesiveness

The degree to which members of a group or team are united and committed to common goals, enhancing group performance.

Norms

Norms are shared expectations and rules that guide behavior of people within social groups, organizations, or cultures.