When Goods and Services Are Produced at the Lowest Possible

question 195

Multiple Choice

When goods and services are produced at the lowest possible cost,________ occurs.

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

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Definitions:

Value

The importance, worth, or usefulness of something, often considered in terms of financial, social, or personal significance.

Accountability

The obligation of an individual or organization to account for its activities, accept responsibility for them, and disclose the results in a transparent manner.

Specified Time Periods

Predetermined intervals or durations during which particular activities, events, or processes are intended to occur or be completed.

Positive Feelings

Emotions or attitudes that are conducive to happiness and contentment, including optimism and joy.