Allocative Efficiency Occurs When Every Good or Service Is Produced

question 39

Multiple Choice

Allocative efficiency occurs when every good or service is produced up to the point where the last unit provides________.

• A)a marginal benefit to society equal to the marginal cost of producing it.
• B)a marginal benefit to society greater than the marginal cost of producing it.
• C)a marginal benefit to society less than the marginal cost of producing it.
• D)a marginal benefit to society equal to zero.

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Definitions:

Big Data

Data sets that are too large and complex to analyze with conventional data management and data mining software.

Conventional Data Management

Traditional methods of collecting, storing, and processing data, often involving manual procedures or straightforward digital systems.

Data Mining Software

Computer programs designed to process large datasets to identify patterns, trends, and relationships.

Customer Retention

The activities and actions companies take to reduce the number of customer defections and to keep customers loyal to the brand or company.