If a Perfectly Competitive Firm Achieves Productive Efficiency Then

question 232

Multiple Choice

If a perfectly competitive firm achieves productive efficiency then

• A)it will raise its price in order to earn an economic profit.
• B)the price of the good it sells is equal to the benefit consumers receive from consuming the last unit of the good sold.
• C)it is producing at minimum efficient scale.
• D)it is producing the good it sells at the lowest possible cost.

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Definitions:

Relaxation Training

A therapeutic technique aimed at teaching individuals how to reduce stress and anxiety through various relaxation methods.

Biofeedback Training

A technique that teaches individuals to improve their health by controlling certain bodily processes that normally happen involuntarily, such as heart rate or blood pressure.

Meditation

A practice of concentrated focus upon a sound, object, visualization, the breath, movement, or attention itself, to increase awareness of the present moment, promote relaxation, and enhance personal and spiritual growth.

Hypnosis

A hypnotic state characterized by concentrated focus, diminished awareness of surroundings, and an elevated receptivity to suggestions.