Firms Achieve Productive Efficiency in the Long Run by

question 197

Multiple Choice

Firms achieve productive efficiency in the long run by

• A)striving to minimize fixed cost
• B)striving to maximize revenue
• C)producing at their minimum long-run average cost
• D)producing at their minimum long-run marginal cost
• E)producing the output consumers want most

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Definitions:

Budget

An estimate of income and expenditure for a set period of time.

Early Stages

The initial phases or periods in the development or progression of something.

Monitoring

The process of observing and checking the progress or quality of something over a period of time.

Marginalization

Refers to the process by which certain groups are pushed to the edge of society by denying them access to resources and opportunities, leading to their decreased agency and participation in social, economic, and political life.