Resources Are Efficiently Allocated When Production Occurs at the Point

question 62

Multiple Choice

Resources are efficiently allocated when production occurs at the point at which _____

• A)the marginal cost curve intersects the average variable cost curve.
• B)price is equal to average revenue.
• C)price is equal to marginal cost.
• D)the marginal revenue curve intersects the average variable cost curve.
• E)price is equal to average variable cost.

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Definitions:

Equal Divisions

The act of dividing something into parts or sections that are of the same size or value.

Machinist Rule

A machinist rule is a precision measuring instrument used by machinists to measure distances and dimensions accurately.

Dial Caliper

A mechanical measuring caliper with a rotary display scale.

Component Measuring

The process of precisely determining the dimensions, capacity, or amount of various components or parts in manufacturing or engineering.