If a Perfectly Competitive Firm Achieves Productive Efficiency Then

question 232

Multiple Choice

If a perfectly competitive firm achieves productive efficiency then

• A)it will raise its price in order to earn an economic profit.
• B)the price of the good it sells is equal to the benefit consumers receive from consuming the last unit of the good sold.
• C)it is producing at minimum efficient scale.
• D)it is producing the good it sells at the lowest possible cost.

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Definitions:

Equipment Purchase

The acquisition of physical assets such as machinery or office equipment that a business uses in its operating activities.

Cash

Money in the form of physical currency or balances held in bank accounts, considered the most liquid form of assets.

Poker Company

A business entity that provides platforms or environments for playing poker, either in physical locations or online.

Cash Collected

Refers to the actual inflow of cash received by a company from its various activities, such as sales, services, or loans.