The Difference Between Allocative Efficiency and Productive Efficiency in a Perfectly

question 66

Multiple Choice

The difference between allocative efficiency and productive efficiency in a perfectly competitive market is

• A)Allocative efficiency is achieved only in the long run.Productive efficiency is achieved only in the short run.
• B)Allocative efficiency is achieved only in the long run.Productive efficiency is achieved in the short run and the long run.
• C)Allocative efficiency is achieved only in the short run.Productive efficiency is achieved only in the long run.
• D)Allocative efficiency is achieved in the short run and the long run.Productive efficiency is achieved only in the long run.

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Definitions:

Behaviourism

A theory of learning that focuses on observable behaviors and discounts mental activities, asserting that behavior is a result of environmental stimuli.

Observable Behaviour

Actions of individuals that can be seen and measured, often used in psychological studies to understand and predict human behaviors.

Psychology

The scientific study of the mind and behavior, encompassing various aspects of conscious and unconscious experience as well as thought.

Conscious Experience

The awareness of internal or external existence, including thought, feelings, and perceptions.