According to the idea of efficient production, option a. each firm independently decides how many laptops to produce, and the marginal cost of the last unit produced will be the same for all firms.
<h3>What do you mean by the term production?</h3>
Production is known to be a term that connote the act or the process of creating or making of goods, products or services from raw materials or other forms/components.
Note that In production is one that tends to make use of inputs and as well as uses them to make an output that is known to be fit for consumption and it is one that gives value to the end-user or customer.
Therefore, According to the idea of efficient production, option a. each firm independently decides how many laptops to produce, and the marginal cost of the last unit produced will be the same for all firms.
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There are dozens of laptop manufacturers around the world.
According to the idea of efficient production,
a. each firm independently decides how many laptops to produce, and the marginal cost of the last unit produced will be the same for all firms.
b. a competitive market will drive most manufacturers out of business, leaving just a few firms to produce at the lowest possible cost.
c. government regulation will ensure that every firm produces at the lowest marginal cost.
d. there should only be one laptop manufacturer, making laptops at the lowest marginal cost.
