Producing a Good in the Least Costly Way Is Known

question 88

True/False

Producing a good in the least costly way is known as allocative efficiency.

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Definitions:

Directs Behavior

Influences or guides actions and responses towards certain goals or in reaction to particular stimuli.

Adoption Studies

Research studies that compare similarities between adopted children and their biological and adoptive parents to understand the influence of genetic vs. environmental factors.

Genetics

The investigation into how traits are passed down from one generation to the next and the differences in these inherited traits.

Environment

The surroundings or conditions in which a person, animal, or plant lives or operates.