Allocative Efficiency Occurs in Markets When

question 97

Multiple Choice

Allocative efficiency occurs in markets when

• A)goods are produced using the least amount of society's scarce resources
• B)goods are produced at the lowest possible average total cost
• C)goods are produced at the lowest possible marginal cost
• D)the value to society of the last unit produced equals its marginal cost
• E)the value to society of the last unit produced is greater than its marginal cost

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An expression of the amount of random sampling error in a survey's results, which describes how closely the sample estimate matches the true value in the whole population.

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A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter, with a specified level of confidence.