Productive efficiency is achieved when firms produce goods and services
A) at the highest profit margin. B) at the lowest cost.
C) most desired by society. D) of the highest quality.
B
Economics
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Refer to the figure above. If the capital stock is fixed at $300, what is the GDP in the economy?
A) $7,000 B) $6,000 C) $5,000 D) $4,000
Economics
A natural monopoly exists when, throughout the range of market demand,
a. average cost is increasing b. there are diseconomies of scale c. average cost is decreasing d. average cost is constant e. marginal cost exceeds average cost
Economics