4. if Marginal Revenue is greater than Marginal Cost, then: a. prots will be at their maximum ' b. the rm IS producing too much of the good to be maximizing prots. 0. the rm can increase its profits or minimize its losses by increasing output. d. the rm Is necessarily incurring losses. 5. Allocative efciency occurs when: a. a rm produces the quantity of output that minimizes production costs, ie, produces an output level that minimizes average total cost b. a rm produces the quantity of output at which price exceeds average total costs 0. a firm produces the quantity of output at which price equals marginal cost equals the marginal benefit of the last unit of output produced. d. a rm produces the quantity of output at which price equals average total cost. 6. Technical or production efficiency occurs when: a. a rm produces the quantiw of output that minimizes production costs, i.e., a rm produces the output level that minimizes average total cost b. a rm produces the quantity of output at which price exceeds average total costs c. a firm produces the quantity of output at which price equals marginal cost equals the marginal benefit of the last unit of output produced. d. a rm produces the quantity of output at which price equals average total cost. 7. Which of the following is the \"best\" example of an oligopoly? a. Ford Motor Company . b. the U.S. Postal Service (when it comes to delivery of rst-class mail) 0. a fast-food restaurant d. a dairy farmer in \\Wisconsin 8. Which of the following is the \"best\" example of a monopoly? a. Ford Motor Company ' . . the US. Postal Service (when it comes to delivery ofrstclass mail) b c. a fast-food restaurant . d. a dairy farmer in Wisconsm 9 Whidn of the following is the \"best" example of a monopolistic competitor? a. Ford Motor Company 1). the U.S. Postal Sen/ice . q, a fast-food restaurant (when it comes to delivery of rst-class mail)