If Markets Are Perfectly Competitive, Then the Production of Goods

question 51

Multiple Choice

If markets are perfectly competitive, then the production of goods

• A) will use the least costly combination of resources.
• B) will occur at an average total cost value that is above the minimum.
• C) will require government intervention.
• D) will always lead to business failures.

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Definitions:

Barbiturates

A class of drugs derived from barbituric acid, used as sedatives, hypnotics, and anticonvulsants, but known for potential abuse and addiction.

Intravenously

The administration of liquid substances directly into a vein, commonly used for medication or nutritional delivery in medical settings.

Mental Capacity

The ability of an individual to make decisions or perform tasks that require cognitive functions such as understanding, reasoning, and remembering.

Technical Means

Tools, equipment, and procedures used in the production of goods and services.