Economic Efficiency Is Achieved at a Particular Output Level If

question 56

Multiple Choice

Economic efficiency is achieved at a particular output level if:

• A) marginal cost is as low as possible.
• B) average fixed cost is as low as possible.
• C) average total cost is as low as possible.
• D) average variable cost is as low as possible.

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Definitions:

Ethnocentric

Viewing or evaluating other cultures solely from the perspective and values of one's own culture.

Food Foraging

The activity of searching for, identifying, and collecting food resources in the wild, such as plants, insects, and small animals.

Attribute

A quality, feature, or characteristic that is inherent to or associated with someone or something.

Cultural Evolution

The dynamic process through which cultures change and develop over time through mechanisms such as innovation, diffusion, and adaptation.