Category: Economics Mcqs

A. It is efficient because the right amount of output is produced, but not efficient in that the output produced is produced at a cost above minimum average total cost
B. It is efficient because entry is free and economic profits are eliminated in the long run.
C. It is not efficient because too little output is produced and the output that is produced is produced at a cost above minimum average total cost
D. It is not efficient because too little output is produced but is efficient in that the output produced is produced at minimum average total cost.

A. entry to it is costly but exit from it is costless
B. entry to it and exit from it are both costless
C. entry to it and exit from it are both costly
D. entry to ti costless but exist from it is costly