For Productive Efficiency to Hold

question 210

Multiple Choice

For productive efficiency to hold,

• A) price must equal the marginal cost of the last unit produced.
• B) price must equal marginal revenue of the last unit sold.
• C) average variable cost is minimised in production.
• D) average total cost is minimised in production.

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Definitions:

Driver

Pertains to an individual who operates and controls a vehicle, or, in technology, a software component that allows the operating system to communicate with hardware devices.

Compliance, Safety

Refers to adherence to laws, regulations, guidelines, and specifications relevant to health and safety.

Accountability

The obligation of an individual or organization to account for its activities, accept responsibility, and disclose the results in a transparent manner.

PMI

Project Management Institute, an organization offering certifications and resources for project management professionals.