Efficiency is defined as
A. the production of output at minimum cost.
B. the most profits for companies.
C. the production of goods and services.
D. the maximum consumption of goods.
Answer: A
You might also like to view...
One way to reduce pressure for Mexicans to cross the U.S. border illegally is to create job opportunities in Mexico
a. True b. False
When economic profits are negative in a perfectly competitive industry,
a. we would expect the market supply curve to shift to the left as a result. b. we would expect the market supply curve to shift to the right as a result. c. we would not expect any change in the market supply curve to result. d. we would expect that the market demand curve to shift left as a result
If the price of pizzas falls, the demand for submarine sandwiches (a substitute good) increases
Indicate whether the statement is true or false
The primary reason government chooses to regulate a natural monopoly is to
a. promote its eventual nationalization b. control price and output c. control profit d. create competition e. distribute market power more evenly among the firms in the industry