Production efficiency exists when the least cost combination of inputs is used to produce output.
a. True
b. False
Question 2
Monopolistic competition is best described as
a. many firms with some control over price, and some product differentiation
b. many firms with no control over price, producing identical products
c. a few firms with some control over price, producing highly differentiated products
d. a few firms with no control over price, producing similar products
e. a single firm producing all of the output for the industry, with strong control over price
Herbivore biomass is positively correlated with net aboveground primary production.
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