For Productive Efficiency to Hold

question 98

Multiple Choice

For productive efficiency to hold,

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

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Definitions:

Adolescence

The developmental stage between childhood and adulthood characterized by physical, psychological, and social changes.

Early Adulthood

A life stage characterized by new challenges and responsibilities, typically ranging from ages 20 to 40.

Conscientiousness

A personality trait characterized by organization, dependability, discipline, and a strong sense of duty.

Agreeableness

A personality trait in psychology that describes a person's tendency to be compassionate, cooperative, and harmonious in their interactions with others.