Allocative Efficiency Means That

question 145

Multiple Choice

Allocative efficiency means that

• A) the product is produced at the lowest unit-cost possible.
• B) society's scarce resources are used to produce products that align with consumer preferences.
• C) the product is sold at a price equal to the average cost of producing it.
• D) the marginal benefit of the product exceeds its marginal cost.

---

Definitions:

Broca's Area

A region in the frontal lobe of the dominant hemisphere (usually the left) of the brain with functions linked to speech production.

Syntax

The arrangement of words and phrases to create well-formed sentences in a language.

English Language

A West Germanic language originating in England, now the primary language of numerous countries and an international lingua franca.

Adjectives

Words that describe or modify nouns, providing more information about an object's size, shape, age, color, etc.