10. Productive and allocative efficiency Which of the following conditions guarantee that a firm will achieve productive efficiency in the long run? Check all that apply. There are multiple firms in the market. The total cost of production is equal to the total benefit to consumers on all units sold. The market price is equal to the minimum long-run average cost. The market for its product is perfectly competitive.
10. Productive and allocative efficiency Which of the following conditions guarantee that a firm will achieve productive efficiency in the long run? Check all that apply. There are multiple firms in the market. The total cost of production is equal to the total benefit to consumers on all units sold. The market price is equal to the minimum long-run average cost. The market for its product is perfectly competitive.
Chapter1: Making Economics Decisions
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![10. Productive and allocative efficiency
Which of the following conditions guarantee that a firm will achieve productive efficiency in the long run? Check all that apply.
There are multiple firms in the market.
The total cost of production is equal to the total benefit to consumers on all units sold.
The market price is equal to the minimum long-run average cost.
The market for its product is perfectly competitive.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c98413f-2707-4b9b-ace9-e09a5c00b9b8%2F126f0343-9299-4800-a218-5ea84c6e704c%2Fkydonj_processed.png&w=3840&q=75)
Transcribed Image Text:10. Productive and allocative efficiency
Which of the following conditions guarantee that a firm will achieve productive efficiency in the long run? Check all that apply.
There are multiple firms in the market.
The total cost of production is equal to the total benefit to consumers on all units sold.
The market price is equal to the minimum long-run average cost.
The market for its product is perfectly competitive.
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