Production efficiency occurs when production ________
A) is at a point beyond the production possibilities frontier
B) is on the production possibilities frontier or inside it
C) is at any attainable point
D) is on the production possibilities frontier
D
Economics
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When there is an increase in demand,
a. the demand curve shifts toward the origin of the graph. b. the demand curve twists clockwise. c. the demand curve shifts away from the origin of the graph. d. the demand curve twists counterclockwise. e. a lower price has increased the amount of the good that consumers will buy.
Economics
For a firm in a perfectly competitive market, the price of the good is always
a. equal to marginal revenue. b. equal to total revenue. c. greater than average revenue. d. equal to the firm's efficient scale of output.
Economics