What Must Be True for Productive Efficiency to Hold

question 232

Multiple Choice

What must be true 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:

Martin Seligman

An American psychologist known for his work on the theory of learned helplessness and his contributions to positive psychology, focusing on character strengths and well-being.

Self-discrepancy

The gap between one's actual self and their ideal or ought self, which can lead to feelings of dissatisfaction or discomfort.

Self-perceptions

The way individuals perceive themselves, including their thoughts, feelings, and awareness of their own abilities and characteristics.

Ideal Self

A person's conception of how they would like to be, representing their goals and aspirations in contrast to their actual self.