Which of the following is considered to be the best method of production?

A strategy is dominant if

A) it yields a greater payoff than any other player receives. B) it yields a payoff at least as large as that from any other strategy, regardless of the actions of other players. C) the player cannot gain by changing strategy, assuming that no other player changes strategy. D) it is part of a Nash equilibrium.

Productive efficiency occurs in perfect competition because the firm produces at the minimum of the: a. average fixed cost curve

b. average variable cost curve c. average total cost curve d. marginal revenue curve.