An Allocation of Resources That Achieves the Maximum Net Benefit

question 128

Multiple Choice

An allocation of resources that achieves the maximum net benefit from all activities is:

• A) inefficient.
• B) external.
• C) internal.
• D) efficient.

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Definitions:

Standardized Goods

Products that are uniform in quality and specifications, allowing them to be interchangeable with others of the same type.

Market Share

The share of a market held by a certain company or product.

Economic Losses

The difference between revenues earned from sales and the total costs of production, including opportunity costs, when the latter exceeds the former.

Market Supply

The total amount of a specific good or service that is available to consumers, determined by the sum of all individual suppliers' products in the market.