For Allocative Efficiency to Hold

question 118

Multiple Choice

For allocative efficiency to hold,

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

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Definitions:

Cool Caps

In medical treatment, "Cool Caps" can refer to cooling caps used to prevent hair loss during chemotherapy by reducing scalp temperature.

Anoxia

A condition characterized by an absence of oxygen supply to an organ or tissue, which can lead to severe damage or death of cells.

Newborn

An infant who is within the first few weeks of life, especially before they are one month old.

Infant Hypertension

A condition where babies, generally from birth to 12 months old, have high blood pressure, which can require close monitoring.