For a Firm to Be Economically Efficient from Society's Point

question 222

Multiple Choice

For a firm to be economically efficient from society's point of view, it should produce to the point at which

• A) marginal cost equals marginal revenue.
• B) marginal cost equals average total cost.
• C) marginal cost equals price.
• D) average total cost equals price.

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Definitions:

Supervisory Support

involves assistance, guidance, and resources provided by supervisors to their subordinates to facilitate job performance and career development.

Scientific Management

A theory of management that analyzes and synthesizes workflows, with the objective of improving economic efficiency and labor productivity.

Careful Selection

The meticulous process of choosing the most suitable candidates or options based on specific criteria.

Scientific Management

Scientific Management is a management theory developed by Frederick W. Taylor that analyzes and synthesizes workflows with the main objective of improving economic efficiency, especially labor productivity.