Conferences
competitions
<span>scholarship application</span>
Answer: A. equal to marginal cost where it intersects the demand curve
Explanation:
In a pure competition, the market is efficient because it balances demand and supply and gives an equilibrium price that takes both of them into account.
In this market, the price is equal to the marginal revenue of a firm and the profit maximizing level of production is where the marginal revenue intersects the marginal cost.
The efficient level is therefore where price equals marginal cost. The same goes for a natural monopoly. If economic efficiency is to be achieved, the natural monopoly's price must equal the marginal cost at the equilibrium price.
Economic wants are the products and goods that people need and want; if they had unlimited purchasing power, they would want to obtain all of them.
In contrast economic preferences are compared to something, so while you might prefer one thing to another, you might not necessarily need it, or you might even need and want both of them!
Answer: buyer requirements
Explanation: Differing needs such as the need for information, convenience, variety, and/or pre- or postsale services that must be satisfied during an exchange are collectively known as buyer requirements which aid both buyers and sellers in the ordering process as they allow the seller to ask for any information needed to complete an order while allowing the buyer to communicate his/her needs to ensure that every order specification is met.
