Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

When is an industry productively efficient A. When the market price for the good or service in that industry is the same as marginal revenue

When is an industry productively efficient

A. When the market price for the good or service in that industry is the same as marginal revenue

B. When the average total cost curve intersects the marginal revenue curve at its lowest point

C. When the short-run equilibrium market price is above the long-run equilibrium market price

D. When firms in that industry produce the amount of output that intersects with the minimum of their ATC curves

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Macroeconomics

Authors: David C. Colander

10th edition

1259663043, 1259663048, 978-1259663048

More Books

Students also viewed these Economics questions

Question

What are the big five personality traits? (p. 60)

Answered: 1 week ago

Question

What is Larmors formula? Explain with a suitable example.

Answered: 1 week ago

Question

2. To store it and

Answered: 1 week ago