A society is productive inefficient when
A) it produces at a point inside (below) its PPF.
B) it does not produce the maximum output with its given resources and technology.
C) it can produce more of one good without giving up some of another good.
D) both a and b
E) all of the above
E
Economics
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A monopoly is most likely to emerge in a market when
a. the producers in the market have U-shaped average total cost curves. b. the price elasticity of demand for the product is high. c. the cost of entry and exit into the market is low. d. economies of scale are large relative to market demand.
Economics
The situation of oligopoly suggests
A) many firms compete in an industry. B) mergers have not occurred. C) interdependence among firms. D) no barriers to entry exist.
Economics