Multiple Choice
If a market is productively efficient,
A) the output is being produced at the lowest possible resource cost
B) the output is selling for the lowest possible price
C) economic profit in the market is positive
D) the output being produced is what consumers want
E) no firm can earn a normal profit
Correct Answer:
Verified
Correct Answer:
Verified
Q21: Suppose that, in the short run, a
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Q23: When marginal revenue equals marginal cost, the
Q24: Exhibit 8-19 A Single Firm in a
Q25: If new firms enter a perfectly competitive
Q27: Exhibit 8-19 A Single Firm in a
Q28: In the long run, a perfectly competitive
Q29: Suppose the equilibrium price in a perfectly
Q30: If the total revenue curve lies completely
Q31: In long-run equilibrium,<br>A)perfectly competitive firms in a