Attaining "Allocative Efficiency" Means That

question 238

Multiple Choice

Attaining "allocative efficiency" means that

• A) the law of increasing opportunity costs has reached a maximum.
• B) the least costly methods are being used to produce a product.
• C) resources are being devoted to the production of products most desired by society.
• D) the gap between marginal benefits and marginal costs of the product is biggest.

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Definitions:

Ammonia

A colorless gas with a characteristic pungent smell, consisting of nitrogen and hydrogen (NH3), used in various industrial processes and as a fertilizer.

Plant Proteins

Proteins found in plants, serving functions in growth, repair, and metabolism, and also as important sources of nutrients for many animals, including humans.

Plant Roots

The part of a plant that typically lies below the surface of the soil and is responsible for water and nutrient absorption.

Assimilation

The process of absorbing and integrating new information into existing knowledge.