In a Purely Competitive Industry,an Optimal Allocation of Scarce Resources

question 62

Multiple Choice

In a purely competitive industry,an optimal allocation of scarce resources occurs when:

• A) P = AC.
• B) P = MC.
• C) MR = MC.
• D) TR = TC.

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Definitions:

Gene Pool

The total collection of different genes in an interbreeding population.

Organism's Niche

The role or function of an organism or species within an ecosystem, including its habitat, resource use, and interaction with other species.

Coevolution

The process by which two or more species reciprocally affect each other's evolution through natural selection.