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Author Question: Allocative efficiency occurs when a. output is produced at minimum average cost b. the marginal ... (Read 16 times)

awywial

  • Hero Member
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  • Posts: 577
on: Jun 30, 2018
Allocative efficiency occurs when
 a. output is produced at minimum average cost
  b. the marginal benefit, that consumers attach to the final unit purchased, just equals the opportunity cost of the resources employed to produce that unit.
  c. new firms enter a perfectly competitive market
  d. the marginal benefit consumers attach to products purchased is maximized
  e. goods and services are sold in an English style auction market

Question 2

Which of the following is most likely produced in a monopolistically competitive market?
 a. soybeans
  b. autos
  c. fast food
  d. oil
  e. local phone service


Athena23

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Reply #1 on: Jun 30, 2018
Answer to Question 1

B

Answer to Question 2

C


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