If a Perfectly Competitive Firm Achieves Productive Efficiency Then

question 232

Multiple Choice

If a perfectly competitive firm achieves productive efficiency then

• A)it will raise its price in order to earn an economic profit.
• B)the price of the good it sells is equal to the benefit consumers receive from consuming the last unit of the good sold.
• C)it is producing at minimum efficient scale.
• D)it is producing the good it sells at the lowest possible cost.

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Definitions:

Retrograde Amnesia

A form of amnesia where an individual is unable to recall events that occurred before the onset of the condition.

Nonsense Syllables

A set of syllables without meaning, used in psychological experiments to study memory and learning processes.

Nonsense Syllables

A methodological tool used in cognitive research consisting of strings of letters that do not follow grammar rules or produce meaningful words, used to study memory processes.

Hermann Ebbinghaus

A German psychologist who pioneered the experimental study of memory and is known for discovering the forgetting curve and the spacing effect.