Examlex
Which of the following statements about genetics is false?
Production Costs
The total expenses incurred in the manufacturing of a product, including labor, materials, and overhead costs.
Short-run Economic Profits
Profits earned by a firm in the short run, where not all inputs can be varied and some fixed costs are still incurred.
Competitive Industries
Sectors of the economy where businesses actively compete with each other to offer goods or services to consumers, often characterized by low barriers to entry and a high level of innovation.
Allocative Efficiency
A state of resource allocation where goods and services are distributed according to consumer preferences, maximizing overall societal welfare.
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