Resources Are Efficiently Allocated When Production Occurs Where

question 7

Multiple Choice

Resources are efficiently allocated when production occurs where

• A)marginal cost equals average variable cost.
• B)price is equal to average revenue.
• C)price is equal to marginal cost.
• D)price is equal to average variable cost.

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Definitions:

Post-test Loop

A loop that executes the body of the loop at least once before testing a condition at the end of the loop iteration.

While Loop

A control flow statement in most programming languages that repeatedly executes a block of code as long as a given condition is true.

Control Variables

Variables used to control the flow and outcome of a program or experiment, often used in loops and conditional structures.

Initialized

Refers to the process of assigning an initial value to a variable at the time of its declaration.