Allocative Efficiency Is Actively Sought

question 114

Multiple Choice

Allocative efficiency is actively sought

• A)by profit-maximizing firms in all market structures.
• B)only by perfectly-competitive firms.
• C)only by profit-maximizing imperfectly-competitive firms.
• D)by none of the firms in any market.
• E)by all firms in all markets.

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Definitions:

Values

Core beliefs or standards that guide behavior and decision-making.

Gadgets

Small, innovative, or convenient mechanical or electronic devices, typically designed to perform a particular task or function.

Value

The importance, worth, or usefulness of something, often considered in terms of its utility, monetary worth, or significance to an individual or society.

Enculturation

The process by which individuals learn and adopt the values, customs, and norms of their culture.