If All Firms Are Profit Maximizers, Then the Following Is

question 53

Multiple Choice

If all firms are profit maximizers, then the following is assured:

• A) allocative efficiency.
• B) that firms attain the lowest possible average costs.
• C) productive efficiency.
• D) that the economy reaches the production possibilities boundary.
• E) allocative and productive efficiency.

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Definitions:

In-group Members

In-group Members are individuals who are part of a specific group or category that is distinguished by shared interests, identities, or goals, often leading to a sense of belonging and loyalty.

Mature Partnership Phase

A stage in a relationship or collaboration where parties have developed deep understanding and cooperation, optimizing their interactions and outcomes.

Negotiated Phase

A period during which parties involved come to an agreement or compromise on a certain matter after discussions or negotiations.

Leadership Making

The method of persuading others to recognize and concur on necessary actions and approaches, while also aiding the combined efforts of individuals to achieve mutual goals.