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:

Condition Precedent

A specific condition or event that must occur before a contract becomes effective or before a party is obligated to fulfill their part of the contract.

Ended by Agreement

A situation where a contract or arrangement is terminated through mutual consent of all parties involved.

Unforeseen Event

An unexpected occurrence that can impact agreements or plans, often referred to as a force majeure in legal contexts.

Breach of Warranty

The failure to fulfill the terms of a promise or guarantee made regarding the condition or performance of a product or service.