[Solved] Consider three firms, A, B and C, all producing kilos of potatoes (per year) in a perfectly competitive market. The diagrams below show marginal cost curves for each of the three firms. FIGURE 12- 1 -Refer to Figure 12- 1. Suppose each of Firms A, B, and C are producing 500 kilos of potatoes. Which of the following statements correctly describes the productive efficiency of this industry? A) The total output of 1500 kilos is the productively efficient output for this industry, so no reallocation is necessary. B) It is not possible to say whether this industry is productively efficient because we do not know the market price of the product. C) Productive efficiency would be achieved if Firm B produced all the output, since it has the lowest MC for the production of 500 kilos. D) It is not possible to say whether this industry is productively efficient because we do not know the average costs for each firm. E) It is possible to reduce the total cost of the given output by reallocating production among the three firms. Psychosexual Development: Freud's theory on the stages of a child's development focusing on the libidinal energy and how it shifts and matures in different areas of the body. Toddler: is a young child, especially one who is learning or has recently learned to walk, typically aged between one and three years old. Oedipal Complex: According to Freud, children erotically manifest tinged desires for the other-sex parent, accompanied by feelings of hostility toward the same-sex parent. Phallic Stage: A phase in Freudian psychosexual development occurring roughly between the ages of 3 and 6, where the focus of libido is on the genital area.