For Productive Efficiency to Hold

question 209

Multiple Choice

For productive efficiency to hold

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

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Definitions:

Coefficient of Determination

A statistical measure, often denoted as R², indicating the proportion of the variance in the dependent variable predictable from the independent variable(s).

Independent Variables

Variables in an analysis that are manipulated or categorized to determine their effect on dependent variables.

Variation

The measure of the spread or dispersion of a set of values in a particular dataset or sampling.

Coefficient of Determination

A measure used in statistical analysis that assesses the goodness of fit of a model.