An Efficient Allocation of Resources Is Demonstrated by a Point

question 167

Multiple Choice

An efficient allocation of resources is demonstrated by a point

• A)above the production possibilities frontier.
• B)below the production possibilities frontier.
• C)on the production possibilities frontier.
• D)near the middle of the production possibilities frontier.

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Definitions:

Sustainable Procurement

The acquisition process aimed at obtaining goods, services, and works in a way that achieves value for money on a whole life basis in terms of generating benefits not only to the organization but also to society and the economy, while minimizing damage to the environment.

Ecologically Sound

Practices or products that have minimal impact on the environment and promote sustainability.

Organizational Buying Behavior

The decision-making process by which formal organizations establish the need for purchased products and services, and identify, evaluate, and choose among alternative brands and suppliers.

Decision-Making Process

The cognitive process leading to the selection of a course of action among several alternatives, often involving steps such as problem recognition and evaluation of alternatives.