Allocative Efficiency Is a Property of the Behaviour of

question 65

Multiple Choice

Allocative efficiency is a property of the behaviour of

• A)individual firms.
• B)all firms in an industry.
• C)perfectly-competitive firms.
• D)monopolies.
• E)the overall economy.

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Definitions:

Equality Of Outcomes

A socio-economic principle aiming for a similar distribution of material wealth and income among all members of society, often requiring redistribution policies.

Worst-Off Person

A concept in ethics and economics, referring to the individual in a society who has the least well-being, resources, or opportunities.

Well-Being

A state of being comfortable, healthy, or happy, often used in economic terms to refer to the economic welfare or quality of life of individuals or societies.

Government Policy

Refers to the actions or inaction of a government intended to influence or control economic, social, or political matters.