In Order for the Price System to Have Satisfied the Exacting

question 143

Multiple Choice

In order for the price system to have satisfied the exacting requirements for efficiency,

• A)MU must equal MC for each and every commodity.
• B)the average cost of producing each good must be equal to its MU.
• C)the maximum possible of total economic profit must be produced.
• D)every consumer's MU will be equal to marginal physical product.

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Definitions:

Business Purpose

The business purpose defines the reason for the existence of a business or a business transaction, often guiding its goals, strategies, and operations.

Exaggerated

Describes something that has been presented in a way that makes it seem more significant or intense than it actually is.

Routine Request

A standard or common inquiry or petition, usually following a predictable pattern or format.

Personal Introduction

A brief statement or speech made by an individual to present themselves to others, highlighting personal background, interests, and key facts.