If the Total Output of Some Industry Is Allocated Among

question 75

Multiple Choice

If the total output of some industry is allocated among its individual firms in such a way that the total cost of producing the industry's output is minimized,we know the industry has achieved
1) full employment of resources;
2) productive efficiency;
3) allocative efficiency.

• A)1 only
• B)2 only
• C)3 only
• D)both 1 and 3
• E)both 2 and 3

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