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:

Store

A retail establishment where goods and services are sold to consumers.

Money

A medium of exchange that allows people to purchase goods and services; it serves as a unit of account, a store of value, and a standard of deferred payment.

Marketing Concept

Companywide consumer orientation to promote long-run success.

Big Data

Large volumes of data that can be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.