Allocative Efficiency Refers to a Situation Where

question 8

Multiple Choice

Allocative efficiency refers to a situation where

• A)opportunity costs are equal.
• B)we cannot produce more of any one good without giving up some other good.
• C)goods and services are produced at the lowest possible cost and in the quantities that provide the greatest possible benefit.
• D)opportunity cost is zero.
• E)marginal benefit is maximized.

Recognize factors important in designing questionnaires to minimize errors.

Understand the concept of sampling and various sampling techniques.

Comprehend the impact of sample size on the accuracy of sample estimates.

Distinguish between sampling and nonsampling errors and methods to minimize them.

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Definitions:

Damages

Compensation sought or awarded in a legal claim for loss or injury.

Specific Performance

A legal remedy in contract disputes where the court orders the breaching party to fulfill the exact terms of the contract, rather than simply paying damages.

Quantum Meruit

A legal principle where a person can recover a reasonable value of services provided, even in absence of a contract.

Mandatory Injunction

A court order compelling a party to undertake a specific act, often issued to prevent irreversible harm.