The term productive efficiency refers to:

A) any short-run equilibrium position of a competitive firm.
B) the production of the product mix most desired by consumers.
C) the production of a good at the lowest average total cost.
D) fulfilling the condition P = MC.

Productive Efficiency

A state where goods are produced at the lowest possible cost, utilizing resources effectively without waste.

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the number of units produced, showing the cost per unit of output.

Short-run Equilibrium

A state in an economy or market where supply equals demand, considering that some factors (like capital) are fixed in the short term.