Productive Efficiency Is Achieved When

question 130

Multiple Choice

Productive efficiency is achieved when

• A)firms add a low profit margin to the goods and services they produce.
• B)firms produce the goods and services that consumers value most.
• C)firms produce goods and services at the lowest cost.
• D)there are no shortages or surpluses in the market.

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Definitions:

Cause-Effect Conclusion

Logical determination that specifies how one event (the cause) directly leads to another event (the effect).

Skepticism

A philosophical attitude of doubting the veracity of knowledge claims in the absence of compelling evidence.

Human Behavior

The range of actions and mannerisms exhibited by humans in conjunction with their environment, social structures, and culture.

Ulterior Motives

Hidden or secret reasons behind an action or behavior.