Resource Allocative Efficiency Occurs When a Firm

question 65

Multiple Choice

Resource allocative efficiency occurs when a firm

• A)minimizes costs of production yet charges the highest possible price.
• B)produces the quantity of output at which price exceeds average total cost by the greatest amount.
• C)produces the quantity of output at which price equals marginal cost.
• D)produces the quantity of output at which price equals average total cost.
• E)produces the quantity of output at which price equals average variable cost.

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Definitions:

Enabler

An individual or tool that facilitates the achievement of an objective or the solving of a problem.

Social Control

Mechanisms, strategies, and practices employed by society to regulate behavior and ensure conformity to norms and regulations.

Religious Organizations

Institutions dedicated to the practice and promotion of religious beliefs, rituals, and activities.

Social Indicators

Statistical data or measures that reflect the social well-being and quality of life of individuals, communities, or societies.