Production efficiency means that
A) scarcity is no longer a problem.
B) producing more of one good is possible only if the production of some other good is decreased.
C) as few resources as possible are being used in production.
D) producing another unit of the good has no opportunity cost.
B
Economics
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If a perfectly competitive firm decides to shut down in the short run, its loss will equal its
A) minimum average variable cost, AVC. B) total variable cost, TVC. C) total fixed cost, TFC. D) average total cost, ATC.
Economics
Contingent contracts
A) are inefficient when monitoring is possible. B) equally divide the risk between principal and agent. C) can be used when monitoring is not reasonably possible. D) put the risk on the principal.
Economics