Allocative Efficiency Is Achieved in an Industry When Firms Supply

question 34

True/False

Allocative efficiency is achieved in an industry when firms supply those goods and services that provide consumers with a marginal benefit equal to the marginal cost of producing those goods and services.

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Definitions:

State Societies

Complex social organizations characterized by the establishment of a centralized government, social classes, and often, a standing military.

State Collapse

A situation where the structure, authority, law, and political order of a sovereign state disintegrates, often leading to civil strife, lawlessness, and anarchy.

State Societies

Complex societies that have a structured system of government, often characterized by a central authority and social stratification.

Ancient

Pertaining to a period of history that is very old or from the distant past, typically before the fall of the Western Roman Empire in AD 476.