Which of the Following Is True

question 131

Multiple Choice

Which of the following is true?
i.Production efficiency occurs only when resources are used to produce the combination of goods that has the greatest value.
ii.Allocative efficiency occurs when marginal benefit equals marginal cost.
iii.A demand curve is a marginal cost curve.

• A) only ii
• B) only i
• C) only iii
• D) i and ii
• E) ii and iii

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Definitions:

Persistence

The continued or prolonged existence of something, often referring to the determination to keep going despite difficulties or obstacles.

Direct Attention

The process of focusing mental resources on specific information or activities.

Management by Objectives

A method of performance management in which managers collaborate with their employees to establish, track, and accomplish distinct goals.

Business Operations

The day-to-day activities involved in running a business, including production, sales, and administration.