If a market is productively efficient,
a. the output is being produced at the lowest possible resource cost
b. the output is selling for the lowest possible price
c. economic profit in the market is positive
d. the output being produced is what consumers want
e. no firm can earn a normal profit
A
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In which of the following cases is the employment relationship between the employee and the employer likely to resemble a spot market transaction?
a. When hospitals hire clerical staff b. When a university hires members of faculty c. When a corporate law firm hires lawyers d. When unskilled workers are hired on a day-to-day basis for odd jobs
Which of the following conditions is least likely to make a corporation a takeover target?
a. high asset-to-liability ratio b. little stock owned by corporate management c. few shares owned by the corporation d. a nonmanagement group of owners of significant shares e. satisfaction with corporate earnings and direction