ECON 705 MODULE 7 QUIZ VIDEO 2. 18/18 100%
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To say that markets are "efficient" implies that Select one:
firms produce the amount and type of output that society wants with as little waste as
possible.
firms produce output using no resources.
firms are able to push costs down below what resource suppliers desire.
profitability is sought without concern for costs.
Question 2 Answer saved Marked out of 1.00
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A firm is productively efficient if it produces at the minimum point
of its Select one:
a. average variable cost curve.
b. average total cost curve.
c. total cost curve.
d. marginal cost curve.
Question 3
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Allocative effiiciency implies that Select one:
firms produce an amount of output associated with the minimum point on their
average total cost curve.
firms are producing using the cheapest production methods possible.
the amount (and price) of goods produced by firms is consistent with the amount
desired by consumers.
regardless willingness or ability to pay, everyone who demands a product is able to
get it.
Question 4 Answer saved Marked out of 1.00
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One outcome of perfectly competitive markets is that Select one:
they are allocatively efficient in the short run, but not in the long run.
in the long run, they exhibit productive and allocative efficiency.
they always exhibit productive efficiency, while only occasionally exhibiting allocative
efficiency.
in the short run they exhibit productive efficiency and in the long run they exhibit
allocative efficiency; but not both simultaneously.
Question 5
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Question 1 Answer saved Marked out of 1.00
Flag question
Question text
To say that markets are "efficient" implies that Select one:
firms produce the amount and type of output that society wants with as little waste as
possible.
firms produce output using no resources.
firms are able to push costs down below what resource suppliers desire.
profitability is sought without concern for costs.
Question 2 Answer saved Marked out of 1.00
Flag question
Question text
A firm is productively efficient if it produces at the minimum point
of its Select one:
a. average variable cost curve.
b. average total cost curve.
c. total cost curve.
d. marginal cost curve.
Question 3
Answer saved
Marked out of
1.00
This study source was downloaded by 100000827929844 from CourseHero.com on 03-29-2023 10:22:52 GMT -05:00
https://www.coursehero.com/file/42734196/ECON-705-MODULE-7-QUIZ-VIDEO-2docx/
, Flag
Question text
Allocative effiiciency implies that Select one:
firms produce an amount of output associated with the minimum point on their
average total cost curve.
firms are producing using the cheapest production methods possible.
the amount (and price) of goods produced by firms is consistent with the amount
desired by consumers.
regardless willingness or ability to pay, everyone who demands a product is able to
get it.
Question 4 Answer saved Marked out of 1.00
Flag question
Question text
One outcome of perfectly competitive markets is that Select one:
they are allocatively efficient in the short run, but not in the long run.
in the long run, they exhibit productive and allocative efficiency.
they always exhibit productive efficiency, while only occasionally exhibiting allocative
efficiency.
in the short run they exhibit productive efficiency and in the long run they exhibit
allocative efficiency; but not both simultaneously.
Question 5
Answer saved
Marked out of
This study source was downloaded by 100000827929844 from CourseHero.com on 03-29-2023 10:22:52 GMT -
https://www.coursehero.com/file/42734196/ECON-705-MODULE-7-QUIZ-VIDEO-
