At the Level of the Industry,the Condition for Productive Efficiency

question 62

Multiple Choice

At the level of the industry,the condition for productive efficiency is that

• A)goods are allocated equitably.
• B)there are no idle resources in the industry.
• C)MC = P for all goods.
• D)MRP = P for all inputs.
• E)MC is equal for all firms in the industry.

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Definitions:

Product Engineer

A professional who designs, develops, and improves products while ensuring they meet manufacturing, cost, and marketing requirements.

Activity Costs

Activity costs refer to the expenses associated with specific activities within a company, such as production, administration, or distribution, used in activity-based costing.

Setup Activity

The tasks involved in preparing equipment or processes for a new production run or activity, often considered in activity-based costing.

Process Engineer

A professional who designs, implements, controls, and optimizes industrial processes, especially continuous ones within the chemical, energy, or manufacturing sectors.