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Author Question: Consider three firms, A, B and C, all producing kilos of potatoes (per year) in a perfectly ... (Read 56 times)

Deej

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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
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Marked as best answer by Deej on Oct 12, 2022

gyvette

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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.
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Deej

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Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)

sultansheikh

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Reply 3 on: Yesterday
Excellent

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