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Question: Allocative inefficiency means:  goods are not going to the consumers who value them the most.  Go...

Show transcribed image text Allocative inefficiency means: goods are not going to the consumers who value them the most. Goods aren't being allocated at a low cost. Firm's aren't producing all goods that consumers value more than the cost of production firms could produce at lower costs than they're producing at if they reallocated their resources resources aren't being used by the firms that value them the most A productively efficient firm maximizing its profits is: operating at the minimum of their average variable cost curve operating where marginal revenue equals average total cost operating at the minimum of marginal cost operating where marginal cost equals average variable cost operating at different points on the cost curves, depending on which market structure the firm is in Use this graph to answer questions 32 and 33. This graph shows a firm in long-run equilibrium. This graph most likely characterizes: a dominant firm in an oligopoly a firm in a cartel a firm in perfect competition, a monopoly a firm in monopolistic competition This firm is earning economic profits, since: P1 is greater than P2. point A is above point C demand is tangent to the ATC curve at point B the firm is producing where MR equals MC at point C None of these This firm is earning normal profits, not positive economic profits.

Allocative inefficiency means: goods are not going to the consumers who value them the most. Goods aren't being allocated at a low cost. Firm's aren't producing all goods that consumers value more than the cost of production firms could produce at lower costs than they're producing at if they reallocated their resources resources aren't being used by the firms that value them the most A productively efficient firm maximizing its profits is: operating at the minimum of their average variable cost curve operating where marginal revenue equals average total cost operating at the minimum of marginal cost operating where marginal cost equals average variable cost operating at different points on the cost curves, depending on which market structure the firm is in Use this graph to answer questions 32 and 33. This graph shows a firm in long-run equilibrium. This graph most likely characterizes: a dominant firm in an oligopoly a firm in a cartel a firm in perfect competition, a monopoly a firm in monopolistic competition This firm is earning economic profits, since: P1 is greater than P2. point A is above point C demand is tangent to the ATC curve at point B the firm is producing where MR equals MC at point C None of these This firm is earning normal profits, not positive economic profits.