Question

what is allocative efficiency?
producing the quantity where marginal benefit equals marginal cost.
producing the maximum possible output with given inputs.
minimizing costs regardless of societal benefits.
maximizing total revenue while minimizing production.
achieving the lowest cost of production over the long run.
question 2
what are barriers to entry?
forces preventing competitors from entering a market.
factors causing monopolies to lower prices.
the high production costs for a competitive firm.
the requirement for firms to set deregulated prices.
legal protections encouraging new firms to enter.
question 3
what is a copyright?
legal protection preventing copying of original works.
the right to produce all output in a market.
a government rule allowing exclusive patent use.
an identifying symbol for goods registered by firms.
the method of production kept secret by firms.

Explanation:

• Allocative efficiency occurs when resources are allocated in a way that maximizes societal welfare. This happens at the quantity where marginal benefit (the additional benefit to society from consuming one more unit) equals marginal cost (the additional cost to society from producing one more unit).
• Barriers to entry are elements that make it difficult for new firms to enter a market. Forces preventing competitors from entering a market fit this definition.
• A copyright is a form of legal protection. It gives the creator of an original work (like a book, song, or painting) the exclusive right to copy, distribute, display, etc., that work. So, legal protection preventing copying of original works is the correct description.

Answer:

1. Producing the quantity where marginal benefit equals marginal cost.
2. Forces preventing competitors from entering a market.
3. Legal protection preventing copying of original works.