Author Question: To achieve allocative efficiency, firms a. strive to minimize fixed costs b. strive to maximize ... (Read 95 times)

Marty · **on:** Jun 30, 2018

To achieve allocative efficiency, firms
a. strive to minimize fixed costs
b. strive to maximize profits
c. produce at their minimum long-run average cost
d. produce at their minimum long-run marginal cost
e. produce the output consumers want most

Question 2

Which of the following is an example of a local monopoly as compared to a national or international monopoly?
a. a restaurant at a rural crossroads
b. Alcoa during the 19th century
c. De Beers Consolidated Mines
d. AT&T
e. U.S. Postal Service