If Productive Efficiency Characterizes a Market

question 69

Multiple Choice

If productive efficiency characterizes a market

• A)the marginal cost of production is minimized.
• 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:

Indorsement

A legal term referring to the signing of a document, usually on its back, for the purpose of transferring rights to another individual.

Executory Promise

A commitment in a contract that has not yet been fulfilled or carried out by one or both parties.

Negotiable Instrument

A written promise certifying the payment of a certain sum of money, either upon request or at a predetermined date, with the document specifying the individual responsible for payment.

Value

Under the Code (except for negotiable instruments and bank collections), generally any consideration sufficient to support a simple contract.