The Term Allocative Efficiency Refers to

question 8

Multiple Choice

The term allocative efficiency refers to

• A)the level of output where MC = AVC
• B)the equality between MR and MC
• C)the production of those goods and services most valued by consumers
• D)the point where marginal revenue equals average total cost
• E)the production of a good up to the point where AFC = 0

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Definitions:

Discrimination

The unfair or prejudicial treatment of individuals or groups based on characteristics such as race, gender, age, or sexual orientation.

Talent Pool

A group of skilled individuals from which organizations can draw when filling vacant positions.

Inbreeding

In a business context, the practice of hiring or promoting from within the organization, potentially limiting diversity and external ideas.

Cost-Per-Hire

The total expense incurred by an organization to recruit and onboard a new employee, including advertising, interviewing, and training costs.