Author Question: The term productive efficiency refers to a. any short-run equilibrium position of the competitive ... (Read 67 times)

ss2343

  • Hero Member
  • *****
  • Posts: 548
The term productive efficiency refers to
 a. any short-run equilibrium position of the competitive firm
  b. the production of all goods and services that consumers need
  c. the production of a good at the lowest long-run average cost
  d. the equality between average total and average variable cost
  e. satisfying the condition that MR = MC

Question 2

If Family Travel Agency, a monopolistic competitor, offers services that are differentiated from the services of other producers in the industry, it
 a. faces a perfectly elastic demand curve
  b. is a price taker
  c. has some power to control the price it charges
  d. faces a perfectly inelastic demand curve
  e. produces a product with no close substitutes



reversalruiz

  • Sr. Member
  • ****
  • Posts: 327
Answer to Question 1

C

Answer to Question 2

C



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

Did you know?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

Did you know?

The largest baby ever born weighed more than 23 pounds but died just 11 hours after his birth in 1879. The largest surviving baby was born in October 2009 in Sumatra, Indonesia, and weighed an astounding 19.2 pounds at birth.

Did you know?

Malaria was not eliminated in the United States until 1951. The term eliminated means that no new cases arise in a country for 3 years.

For a complete list of videos, visit our video library