Efficiency in the Choice of Outputs Requires That Marginal Cost

question 101

True/False

Efficiency in the choice of outputs requires that marginal cost be equal to marginal revenue and nothing else.

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Definitions:

Action Steps

Specific, detailed activities or tasks that must be completed to achieve a particular goal.

Objectives

Are specific results usually expressed in measurable indices that someone wishes to achieve and may relate to the individual, a group, or the whole organisation.

Operational Plans

Define specific activities to implement strategic plans.

Strategic Plans

Define long-term needs and set action directions for the organization. Tactical plans are developed and used to implement strategic plans.