Economic efficiency means
A) the same as technical efficiency.
B) that all firms within a single competitive industry are producing at the same level of output.
C) that it is impossible to increase the output of any good without lowering the total value of the output of the economy.
D) that high-tech methods of production are the most efficient.
C
Economics
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If a monopoly firm reduced the price of its product, which of following must have been true?
a. MR > MC b. MR < MC c. MR > AR d. MC > AR
Economics
This agency regulates workplace safety and health conditions.
A. Environmental Protection Agency B. Consumer Product Safety Commission C. Equal Employment Opportunity Commission D. Occupational Safety and Health Administration
Economics