The production technique that is most efficient is the one that produces a given amount of output:
A. using the least amount of labor resources
B. at the highest price per unit
C. at the lowest cost per unit
D. that yields the highest revenues
Answer: C
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Equity and efficiency can be achieved simultaneously through competition
Indicate whether the statement is true or false
Which of the following best describes social costs?
a. The external costs borne by other members of society, ignoring the private costs to market participants. b. The sum of external costs and private costs. c. External costs minus private costs. d. Private costs minus external costs.
As baby-boomers reach retirement age and draw on Social Security and Medicare,
a. the Social Security Trust Fund will switch from running a deficit to a surplus. b. unfunded promises included in the federal budget will decrease. c. expenditures on these programs will increase the size of the federal debt. d. the federal debt as a share of GDP will decrease.
A natural monopoly occurs when the? long-run average cost curve lies entirely above the demand curve of the typical firm in a? two-firm market.
A natural monopoly occurs when the? long-run average cost curve lies entirely
the demand curve of the typical firm in a? two-firm market.