Does the market system result in productive efficiency? in the long run, perfect competition
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Does the market system result in productive efficiency? in the long run, perfect competition
a. does not result in productive efficiency because barriers to entry result in firms making a profit.
b. results in productive efficiency because firms enter and exit until they break even where price equals minimum average cost.
c. does not result in productive efficiency because price-taking firms produce where price equals marginal cost.
d. results in productive efficiency because every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it.
e. results in productive efficiency because production represents consumer preferences
Answers: 1
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