Multiple Choice
What is meant by the term socially optimum price?
A) The price which ensures that the firm is able to make normal profits only.
B) The price which ensures that the firm is able to make economic profits only.
C) The price which ensures that the output will be produced at the lowest possible cost.
D) The price which ensures the best allocation of products.
E) A price equal to average cost.
Correct Answer:
Verified
Correct Answer:
Verified
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