For Allocative Efficiency to Hold

question 2

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)the average variable cost must be minimized in production.
• D)the average total cost must be minimized in production.

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Definitions:

Proclamation of Neutrality

A declaration made by President George Washington in 1793, asserting that the United States would remain neutral in the conflict between France and Great Britain.

Warring Powers

States or entities involved in a conflict, typically engaged in comprehensive military actions against one another.

Bolshevik Revolution

The Bolshevik Revolution, also known as the October Revolution, occurred in 1917 in Russia and led to the overthrow of the Provisional Government and the establishment of a Communist state.

American Men

Refers generally to male citizens or residents of the United States, often in discussions about demographic trends, behaviors, or historical roles.