If a firm is producing a given level of output in an economically efficient manner, then it must be the case that Multiple Choice this is the lowest cost method of producing that output. each input is producing its maximum marginal product. this output level is the most that can be produced with the given level of inputs. both "this is the lowest cost method of producing that output" and "this output level is the most that can be produced with the given level of inputs.

If a firm is producing a given level of output in an economically efficient manner, then it must be the case that Multiple Choice this is the lowest cost method of producing that output. each input is producing its maximum marginal product. this output level is the most that can be produced with the given level of inputs. both "this is the lowest cost method of producing that output" and "this output level is the most that can be produced with the given level of inputs.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter10: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 16CTQ: Would you rather have efficiency or variety? That is, one opportunity cost of the variety of...

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