What Occurs When A Good Or Service Is Produced At The Lowest Possible Cost?

Economics questions and answers. occurs when a good or service is produced at the lowest possible cost. occurs when production is in accordance Productive efficiency …

How is the production of goods and services determined?

A. Firms alone determine what goods and services will be produced. B. Consumers, firms, and the government determine what goods and services will be produced by the choices they make. C. The government decides what goods and services will be produced. D. What goods and services will be produced is determined by a vote of consumers.

How is every good or service distributed fairly?

A. every good or service is distributed fairly. B. every good or service is produced up to the point where marginal benefit is equal to marginal cost. C. a good or service is produced at the lowest possible cost. D. a good or service is produced as quickly as possible.

Which is the best definition of a good or service?

A. a good or service is produced as quickly as possible. B. every good or service is distributed fairly. C. a good or service is produced at the lowest possible cost. D. every good or service is produced up to the point where marginal benefit is equal to marginal cost.

How does Society decide who will receive the goods and services produced?

In a market system, how does society decide who will receive the goods and services produced? A. Consumers determine who receives the goods and services produced. B. Who receives the goods and services produced depends largely on how income is distributed. C. Firms determine who receives the goods and services produced.

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