When Every Good or Service Is Produced Up to the Point

question 162

Multiple Choice

When every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it,________ occurs.

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

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Definitions:

Observational Learning

The process of learning behaviors by watching and imitating others.

Operant Conditioning

A learning process in which the strength of a behavior is modified by its consequences, such as reinforcement or punishment.

Negative Campaign

A political campaign strategy focused on discrediting or attacking the opposition, rather than promoting positive attributes or policies of the candidate.

Emotional Response

The subjective experience and expression of emotions in reaction to stimuli.