When Production Reflects Consumer Preferences, ________ Occurs

question 34

Multiple Choice

When production reflects consumer preferences, ________ occurs.

• A)allocative efficiency
• B)productive efficiency
• C)equity
• D)efficient central planning

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Definitions:

False Analogy

A logical fallacy that occurs when someone argues that two things are substantially alike in an important respect when they are not.

Argumentum Ad Populum

A fallacious argument that concludes a proposition to be true because many or most people believe it.

Popular Belief

An opinion or conviction that is widely held by the general population, regardless of whether it is based on fact or fiction.

False Analogy

A logical fallacy where an analogy is used to argue or conclude something, but the analogy is misleading or incomparable due to significant differences between the two situations.