A Perfectly Competitive Industry Is Said to Be Efficient Because

question 72

Multiple Choice

A perfectly competitive industry is said to be efficient because the:

• A) marginal cost of production of the last unit of output is minimized.
• B) product is standardized across firms in the industry.
• C) average total cost of production of the industry's output is minimized.
• D) market price of the good is equal to economic profit for all firms in the industry.

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Definitions:

Normality

A statistical assumption that a dataset is normally distributed, with most data points clustering around the mean.

Attendance Policy

Guidelines or rules set by an organization outlining expectations and consequences related to attendance.

Registered Students

Individuals who have completed the enrollment process and have been officially added to the roster of participants in a course or program.

LCL

Lower control limit, a statistical measure used in quality control processes to indicate when a process is becoming out of control on the low side.