Which of the Following Generates Allocative Efficiency in a Market

question 203

Multiple Choice

Which of the following generates allocative efficiency in a market economy?

• A)national government intervention
• B)voluntary exchange between buyers and sellers
• C)United Nations rules for competition
• D)equity

Appreciate the moral dimensions present in decision-making processes and the utility of decisions.

Understand the significance of behavioral and classical decision theories to organizational decision-making.

Identify the stages and models of the decision-making process and their application in real-world situations.

Recognize the impact of cognitive limitations and heuristics on decision-making.

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Definitions:

Color Vision

The ability of the visual system to distinguish objects based on the wavelengths of the light they reflect, emit, or transmit.

Cones

Photoreceptor cells in the retina of the eye that function best in relatively bright light and enable the perception of color.

Dim Light

A low level of illumination, often creating a subdued or intimate atmosphere.

Cones

Photoreceptor cells in the retina of the eye that are responsible for color vision and function best in relatively bright light.