For Productive Efficiency to Hold

question 1

Multiple Choice

For productive efficiency to hold,

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

---

Definitions:

Longhouse

A type of long, proportionately narrow, single-room building traditionally built by peoples of the indigenous tribes in North America.

Cultural Practices

Refers to the shared ways of life, including traditions, languages, rituals, and customs, that characterize a particular society or group.

Agricultural Practices

Methods and techniques used in farming and livestock raising to increase productivity and sustainability, including crop rotation, irrigation, and use of fertilizers.

Epic of Deganawidah

A traditional Iroquois story that recounts the founding of the Iroquois Confederacy by the legendary figures Deganawidah and Hiawatha.