If Productive Efficiency Characterises a Market

question 145

Multiple Choice

If productive efficiency characterises a market,

• A)the marginal cost of production is minimised.
• B)firms produce the goods that consumers desire most.
• C)the output is being produced at the lowest possible cost.
• D)firms use the best technology available to produce the good.

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Definitions:

Structural Causes

Structural causes refer to underlying societal structures and systems, such as economic, political, or social institutions, that contribute to persistent issues or conditions within a society.

Poverty

A condition where individuals or communities lack the financial resources to meet basic needs for healthy living, including food, shelter, education, and access to healthcare.

Textbook

A book containing detailed information on a specific subject, traditionally used for study in educational settings.

Gilligan

Refers to Carol Gilligan, a psychologist known for her work in moral development and ethics, emphasizing the differences in how individuals understand moral problems.