Production efficiency occurs when production ________
A) is at a point beyond the production possibilities frontier
B) is on the production possibilities frontier or inside it
C) is at any attainable point
D) is on the production possibilities frontier
D
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Refer to Figure 12-9. At price P4, the firm would
A) shut down. B) lose an amount equal to its fixed cost. C) lose an amount less than fixed cost. D) make a profit.
A funded pension plan _____
a. pays current beneficiaries from the contributions of current contributors b. pays current beneficiaries from the contributions of new contributors c. maintains assets equal to the present value of future liabilities d. is functionally equivalent to a pay-as-you-go system, except for the pension plan is not compulsory
We assume that in the long run in a perfectly competitive market:
A. the firms can enter or exit. B. the number of firms is fixed. C. the price will be constant. D. collusion will set in without government regulation.
Money is
a. the most liquid asset and a perfect store of value. b. the most liquid asset but an imperfect store of value. c. not the most liquid asset but a perfect store of value. d. neither the most liquid asset and nor a perfect store of value.