Allocative Efficiency Exists When Net Benefit Is as Large as Possible

question 45

True/False

Allocative efficiency exists when net benefit is as large as possible.

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Definitions:

Risk Doctrine

A principle in law that assigns liability based on the foreseeable risk created by actions or negligence, particularly in situations where harm could have been prevented.

Action Of Negligence

A legal claim made against someone for harm caused by their failure to act as a reasonable person would under similar circumstances.

Six Elements

Essential components required for something to be complete or legally binding; the term contextually varies, such as in contracts or scientific compositions.

Propensity

A natural inclination or tendency towards a particular behavior or action.