Only One of the Following Statements Is Correct

question 153

Multiple Choice

Only one of the following statements is correct.The statements compare perfectly competitive (PC) markets and monopolistically competitive (MC) markets.Which statement is correct?

• A)Productive efficiency is achieved in both PC and MC markets. Allocative efficiency is achieved only in MC markets.
• B)Allocative efficiency is achieved in both PC and MC markets. Productive efficiency is achieved only in PC markets.
• C)Productive efficiency and allocative efficiency are both achieved in PC markets. Neither is achieved in MC markets.
• D)Allocative efficiency is achieved only in PC markets. Productive efficiency is achieved only in MC markets.

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Definitions:

Qualitative Researchers

Researchers who employ methods aimed at gathering in-depth understanding of human behavior and the reasons that govern such behavior, focusing on the "why" and "how" of decision making.

Relationships Among Phenomena

This refers to how different phenomena or variables may affect each other or have correlations in various contexts, often studied in scientific and social research.

Qualitative Studies

Research methods that focus on exploring, understanding, and interpreting the meaning and behavior of humans within their social context.

Ethnographies

involve the systematic study and detailed description of peoples and cultures with a focus on customs, habits, and mutual differences.