If the firm shown in this graph is producing at the profit-maximizing level of output in the short run, then it is achieving productive and allocative efficiency.
Definitions:
Final Good
A good that is intended for final use by the consumer, distinct from intermediate goods which are used in producing other goods.
Marginal Product
Marginal Product is the additional output produced as a result of utilizing one more unit of a particular input, holding all other inputs constant.
Stock Dividends
A form of dividend payment made by a corporation to its shareholders in the form of additional shares, rather than cash.
Factors of Production
The inputs used in the production of goods or services; traditionally includes land, labor, capital, and entrepreneurship.
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