When is an industry productively efficient?ROODF4A. When firms in that industry produce the amount of output thatintersects with the minimum of their ATC curvesubmissionB. When the short-run equilibrium market price is above the long-runequilibrium market price← PREVIOUSor dºAPR20%5C. When the market price for the good or service in that industry isthe same as marginal revenueD. When the average total cost curve intersects the marginal revenuecurve at its lowest pointTF56MacBook AirF6Y&7F7Ustv* CO8ADIIF8-(9DDF9O0VIEWF10P

The production function determines all the input bundles that produce the same output level. The…

When is an industry productively efficient? A. When firms in that industry produce the amount of output that intersects with the minimum of their ATC curves B. When the short-run equilibrium market price is above the long-run equilibrium market price C. When the market price for the good or service in that industry is the same as marginal revenue D. When the average total cost curve intersects the marginal revenue curve at its lowest point

When is an industry productively efficient? A. When firms in that industry produce the amount of output that intersects with the minimum of their ATC curves B. When the short-run equilibrium market price is above the long-run equilibrium market price C. When the market price for the good or service in that industry is the same as marginal revenue D. When the average total cost curve intersects the marginal revenue curve at its lowest point

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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