Allocative Efficiency Is Achieved When

question 186

Multiple Choice

Allocative efficiency is achieved when

• A)goods and services are fairly distributed among consumers in an economy.
• B)firms produce the goods and services that consumers value most.
• C)firms produce goods and services at the lowest cost.
• D)there are no shortages or surpluses in the market.

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Definitions:

Human Resource

The department in an organization that deals with hiring, training, managing, and retaining employees.

Organizational Strategies

High-level plans that outline how a business will achieve its goals, considering both internal capabilities and external opportunities.

Human Resource Objectives

The goals set by an organization's human resources department to support its workforce and overall business strategy effectively.

Strategic Plans

A comprehensive plan outlining an organization's goals, strategies, and actions to achieve those goals over a specific period.