When Goods and Services Are Produced at the Lowest Possible

question 195

Multiple Choice

When goods and services are produced at the lowest possible cost,________ occurs.

• A)allocative efficiency
• B)productive efficiency
• C)equity
• D)efficient central planning

---

Definitions:

Competitive Advantage

A distinctive feature or standpoint enabling a company to surpass its rivals in performance.

Market Environmental Forces

The external factors, such as economic, social, technological, legal, and competitive forces, that affect a company's ability to operate successfully in a particular market.

Ecological Management

The practice of managing and conserving the natural environment and resources to sustain ecological balance and health.