If the Total Output of Some Industry Is Allocated Among

question 31

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, the industry will achieve
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:

World War I

A global conflict that took place primarily in Europe from 1914 to 1918, involving many of the world's great powers.

Global Escalation

The process by which conflicts or situations increase in intensity or scale on a worldwide level, often leading to widespread consequences.

World War I

A global conflict that lasted from 1914 to 1918, involving many of the world's powers and marking one of the deadliest conflicts in history.