Which of the following describes a difference between allocative efficiency and productive efficiency in a perfectly competitive market?
A) Allocative efficiency is achieved only in the short run. Productive efficiency is achieved only in the long run.
B) Allocative efficiency is achieved only in the long run. Productive efficiency is achieved in the short run and the long run.
C) Allocative efficiency is achieved in the short run and the long run. Productive efficiency is achieved only in the long run.
D) Allocative efficiency is achieved only in the long run. Productive efficiency is achieved only in the short run.
C
You might also like to view...
Generally with bond ratings, the ________ the rating, the higher the interest rate an investor will receive and the ________ the risk that the issuer of the bond will default
A) lower; higher B) higher; higher C) higher; lower D) lower; lower
The combined Social Security tax rate was _____ up to incomes of _____
a. 15.3 percent; $87,000 b. 14.2 percent; $91,000 c. 11.7 percent; $83,500 d. 12.8 percent; $88,000