A perfectly competitive industry achieves allocative efficiency because

A) goods and services are produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it.
B) firms carry production surpluses.
C) it produces where market price equals marginal production cost.
D) goods and services are produced at the lowest possible cost.

A

Economics

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Economic growth implies a

A. Rightward shift of the short-run aggregate supply curve. B. Rightward shift of the aggregate demand curve. C. Rightward shift of the long-run aggregate supply curve. D. Leftward shift of the long-run aggregate supply curve.

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