What Is Implied If an Economy Achieves Allocative Efficiency

question 92

Multiple Choice

What is implied if an economy achieves allocative efficiency?

• A)Products are being produced at their lowest cost.
• B)Everyone is able to obtain everything he or she desires.
• C)The cost of an additional item would be less than its price.
• D)The income of the society is being equitably distributed.
• E)The best combination of goods is being produced.

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Definitions:

Right Hemisphere

The right side of the human brain, associated with spatial abilities, recognizing faces, and processing music and visual imagery.

Cerebrum

The largest part of the brain, responsible for voluntary muscular activity, vision, speech, taste, hearing, thought, and memory.

Cerebral Hemispheres

The two halves of the brain, each controlling the opposite side of the body and responsible for different functions.

Myelin

Myelin is a fatty substance that forms a sheath around the axons of many neurons, speeding up the transmission of electrical signals in the nervous system.