What Is Implied If an Economy Achieves Allocative Efficiency

question 92

Multiple Choice

What is implied if an economy achieves allocative efficiency?

• A)Products are being produced at their lowest cost.
• B)Everyone is able to obtain everything he or she desires.
• C)The cost of an additional item would be less than its price.
• D)The income of the society is being equitably distributed.
• E)The best combination of goods is being produced.

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Definitions:

Anthony Giddens

A prominent British sociologist known for his theory of structuration and exploration of modernity, identity, and globalization.

Ian Craib

A British sociologist who contributed to theories on identity, psychoanalysis, and the critique of contemporary sociology.

Historically Underestimated

Referring to entities or groups that have not received due recognition or value in historical assessments.

Structures

Refers to the complex framework or arrangement of interrelated parts that make up a system or organization.