What is efficiency?
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If for a firm P=minimum ATC=MC, then
A) both allocative efficiency and productive efficiency are being achieved.
B) allocative efficiency is being achieved, but productive efficiency is not
C) neither allocative efficiency nor productive efficiency is being
D) productive efficiency is being achieved, but allocative efficiency is not achieved.
Refer to the diagram. At output level Q1:a. neither productive nor allocative efficiency is achieved.b. both productive and allocative efficiency is achieved.c. allocative efficiency is achieved, but productive efficiency is not.d. productive efficiency is achieved, but allocative efficiency is not.
If for a firm p = minimum atc = mc, then
A. both allocative and productive efficiency are being achieved
B. allocative efficiency is being achieved bt productive efficiency is not
C. neither allocative efficiency nr productive efficiency is being achieved
D. productive efficiency is being achieved bt allocative efficiency is not
