For productive efficiency to hold A price must equal marginal revenue of the

For productive efficiency to hold a price must equal

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94) For productive efficiency to hold, A) price must equal marginal revenue of the last unit sold.B) average variable cost is minimized in production.C) average total cost is minimized in production.D) price must equal the marginal cost of the last unit produced.Answer: C94)Diff: 1Page Ref: 444/444Topic: Comparing Perfect Competition and Monopolistic CompetitionLearning Outcome: Micro 15: Discuss the role of differentiation in monopolistic competition in comparison toother market conditionsAACSB: Reflective Thinking 95) For allocative efficiency to hold, 95)Diff: 1Page Ref: 444/444Topic: Comparing Perfect Competition and Monopolistic CompetitionLearning Outcome: Micro 15: Discuss the role of differentiation in monopolistic competition in comparison toother market conditionsAACSB: Reflective Thinking 96) Is a monopolistically competitive firm productively efficient? 96)Diff: 2Page Ref: 444/444Topic: Comparing Perfect Competition and Monopolistic CompetitionLearning Outcome: Micro 15: Discuss the role of differentiation in monopolistic competition in comparison toother market conditionsAACSB: Reflective Thinking 97) Is a monopolistically competitive firm allocatively efficient? 97)Diff: 2Page Ref: 444/444Topic: Comparing Perfect Competition and Monopolistic CompetitionLearning Outcome: Micro 15: Discuss the role of differentiation in monopolistic competition in comparison to other market conditions AACSB: Reflective Thinking 33
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