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
No recombinants are produced without cell contact
Average Number of Hours Slept per Day by Various Mammalian Species
The average weight gain between Thanksgiving and New Year's Day is about a pound
British Output and Productivity Growth, 1760–1913
Average Surface Air Pressure – July
The surface temperature of the star is 6000 K. At what wavelength is its light output a maximum