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.
c
Economics
You might also like to view...
Matt estimates the marginal benefit of eating one slice of pizza at $3. The marginal benefit of the 2nd slice is $2, the marginal benefit of the third slice is $1, and the marginal benefit of the 4th slice is $0. If the price is $1.50 per slice, to maximize his net benefit Matt should eat:
a. "1 slice." b. 2 slices. c. 3 slices. d. 4 slices.
Economics
Refer to the diagram for a pure monopolist. Monopoly price will be:
A. e.
B. c.
C. b.
D. a.
Economics