Which of the following is true? a. Productive efficiency occurs in perfect competition because the firm produces

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Which of the following is true?

a. Productive efficiency occurs in perfect competition because the firm produces at the minimum of the ATC curve.

b. Allocative efficiency occurs when P = MC; production is allocated to reflect consumers’ wants.

c. Both Productive efficiency occurs in perfect competition because the firm produces at the minimum of the ATC curve and Allocative efficiency occurs when P = MC; production is allocated to reflect consumers’ wants are true.

d. None of these is true.

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Exploring Economics

ISBN: 9781544336329

8th Edition

Authors: Robert L. Sexton

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Question Posted: Jan 17, 2023 05:38 AM

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Which of the following is true? a. Productive efficiency occurs in perfect competition because the firm produces

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c Both Productive efficiency occurs in perfe...View the full answer

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