Allocative Efficiency Occurs When the

question 231

Multiple Choice

Allocative efficiency occurs when the

• A)minimum of average total cost equals average revenue.
• B)minimum of average total cost equals marginal revenue.
• C)marginal cost equals the marginal benefit to society.
• D)marginal revenue equals marginal benefit to society.

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Definitions:

Congress of Industrial Organizations

An American federation of labor unions founded in 1938, which focused on industrial unionism and played a significant role in labor politics.

Industrial Democracy

A system of governance in which workers have a direct or indirect say in the management of the industry or company they work for.

American Federation of Labor

A national federation of labor unions in the United States, founded in 1886, focused on advocating for better working conditions, wages, and rights for workers.

Rural Electrification Agency

Was a U.S. government agency established in 1935 to bring electricity to rural areas, profoundly impacting agricultural productivity and the quality of rural life.