This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Consider three firms, A, B and C, all producing kilos of potatoes (per year) in a perfectly ... (Read 64 times)

Deej

  • Full Member
  • ***
  • Posts: 144
on: Oct 12, 2022

Consider three firms, A, B and C, all producing kilos of potatoes (per year) in a perfectly competitive market. The diagrams below show marginal cost curves for each of the three firms.



FIGURE 12-1

Refer to Figure 12-1. Suppose each of Firms A, B, and C are producing 500 kilos of potatoes. Which of the following statements correctly describes the productive efficiency of this industry?


◦ Productive efficiency would be achieved if Firm B produced all the output, since it has the lowest MC for the production of 500 kilos.
◦ The total output of 1500 kilos is the productively efficient output for this industry, so no reallocation is necessary.
◦ It is possible to reduce the total cost of the given output by reallocating production among the three firms.
◦ It is not possible to say whether this industry is productively efficient because we do not know the market price of the product.
◦ It is not possible to say whether this industry is productively efficient because we do not know the average costs for each firm.
Microeconomics ¦ Ragan ¦ 17th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by Deej on Oct 12, 2022

gyvette

  • Full Member
  • ***
  • Posts: 196
Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 35% of students answer this correctly


Deej

  • Member
  • Posts: 144
Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)

kilada

  • Member
  • Posts: 311
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

More than one-third of adult Americans are obese. Diseases that kill the largest number of people annually, such as heart disease, cancer, diabetes, stroke, and hypertension, can be attributed to diet.

Did you know?

Since 1988, the CDC has reported a 99% reduction in bacterial meningitis caused by Haemophilus influenzae, due to the introduction of the vaccine against it.

Did you know?

After 5 years of being diagnosed with rheumatoid arthritis, one every three patients will no longer be able to work.

Did you know?

Pregnant women usually experience a heightened sense of smell beginning late in the first trimester. Some experts call this the body's way of protecting a pregnant woman from foods that are unsafe for the fetus.

Did you know?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Changes in boreal forest composition along a chronosequence in Quebec. Dates refer to the year of th Changes in boreal forest composition along a chronosequence in Quebec. Dates refer to the year of th
(A) A 62-year-old patient with myxedema exhibiting marked edema of the face and a somnolent look. Th (A) A 62-year-old patient with myxedema exhibiting marked edema of the face and a somnolent look. Th
Japanese Macaque washing her sweet potatoes in seawater on Koshima Island, Japan. Japanese Macaque washing her sweet potatoes in seawater on Koshima Island, Japan.
Distribution of Thunderstorms: Approximately 14.5 million thunderstorms occur each year across the ... Distribution of Thunderstorms: Approximately 14.5 million thunderstorms occur each year across the ...
Research that has examined babies' ability to recognize themselves develops in the 2 year Research that has examined babies' ability to recognize themselves develops in the 2 year
One year ago, Christos bought 1000 units of the Dominion Aggressive Growth Fund at $20.35 per ... One year ago, Christos bought 1000 units of the Dominion Aggressive Growth Fund at $20.35 per ...
Video: Fertilization and Development

For a complete list of videos, visit our video library