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
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