If productive efficiency characterizes a market
A) the marginal cost of production is minimized.
B) the output is being produced at the lowest possible cost.
C) firms use the best technology available to produce the good.
D) firms produce the goods that consumers desire most.
B
Economics
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A) inferior to every point on the budget line. B) preferred to every point on the budget line. C) unaffordable. D) Both answers B and C are correct.
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One of the ways the market for used cars copes with the problems associated with private information is through the offering of
A) leases. B) warranties. C) low interest rates. D) low prices.
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