For Allocative Efficiency to Hold

question 272

Multiple Choice

For allocative efficiency to hold

• A)price must equal marginal revenue of the last unit sold.
• B)price must equal the marginal cost of the last unit produced.
• C)average variable cost is minimized in production.
• D)average total cost is minimized in production.

---

Definitions:

Embryonic Development

The process by which the embryo is formed and develops, beginning with fertilization and ending at birth or hatching.

Organogenesis

The process of organ formation.

Blastula

An early stage of embryonic development in animals, characterized by a spherical layer of cells (the blastoderm) surrounding a fluid-filled cavity (the blastocoel).

Embryonic Development

The process by which an embryo forms and develops, involving cell division, migration, and differentiation to establish the basic plan of an organism.