For Allocative Efficiency to Hold

question 272

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 minimized in production.
• D)average total cost is minimized in production.

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Definitions:

SWOT Analysis

A strategic planning technique used to identify and evaluate the Strengths, Weaknesses, Opportunities, and Threats related to a project or business venture.

Job Prospects

The potential opportunities for employment and career advancement in a particular field or profession.

Graduate

A person who has successfully completed a course of study or training, especially a person who has been awarded an undergraduate or first academic degree.

Growth Strategy

Plans and actions aimed at increasing a company's size, revenues, market share, or competitive positioning.