When Production Reflects Consumer Preferences, ________ Occurs

question 34

Multiple Choice

When production reflects consumer preferences, ________ occurs.

• A)allocative efficiency
• B)productive efficiency
• C)equity
• D)efficient central planning

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Definitions:

Real-Life Settings

Environments or situations that occur in the natural, everyday world, outside of controlled or artificial experimental conditions.

Questionnaires

A method of research involving a series of written or oral questions to gather information from respondents.

Human Nature

The inherent characteristics, including ways of thinking, feeling, and behaving, that all humans are presumed to share.

Spontaneity

The quality of being spontaneous, unplanned or arising naturally and without premeditation.