Allocative Efficiency Is Achieved When Firms Produce Goods and Services

question 231

Multiple Choice

Allocative efficiency is achieved when firms produce goods and services

• A)at the lowest possible cost.
• B)that consumers value most.
• C)at the lowest opportunity cost.
• D)at a marginal cost of zero.

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Definitions:

Power Assertion

A discipline strategy that involves the use of authority, threats, or physical force to enforce parental control or correct a child's behavior.

Induction

One method parents use to enforce control of children’s behavior. Involves use of explanation, giving reasons for rules and appealing to children’s desires to be grown-up. The most effective way to promote the internalization of rules.

Spanking

A form of physical punishment involving hitting the buttocks with the hand or an object as a disciplinary measure.

Discipline

The tendency of parents to limit or demand behavior by exerting or requiring control.