Solved

Which of the Following Describes a Situation in Which Every

Question 106

Multiple Choice

Which of the following describes a situation in which every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it?


A) productive efficiency
B) allocative efficiency
C) marginal efficiency
D) profit maximisation

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q7: What is meant by the term "long-run

Q32: A perfectly competitive industry achieves allocative efficiency

Q41: If a firm shuts down in the

Q55: A firm could continue to operate for

Q85: Which of the following is a characteristic

Q105: Figure 8.3 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1015/.jpg" alt="Figure 8.3

Q108: Table 8.1 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1015/.jpg" alt="Table 8.1

Q173: The market demand curve in a perfectly

Q232: If a perfectly competitive firm achieves productive

Q286: A firm would decide to shut down