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:

American Control

The exercise of power or authority by the United States over certain territories, policies, or international affairs, often highlighted during periods of expansion or during international conflicts.

Oregon

A state in the Pacific Northwest region of the United States, known for its diverse landscapes ranging from forests and mountains to farmlands and cities.

Polk Administration

The presidency of James K. Polk, the 11th President of the United States, from 1845 to 1849, known for territorial expansion including the annexation of Texas and the Mexican-American War.

Acquiring California

This refers to the process by which the United States added California to its territory, largely through the Treaty of Guadalupe Hidalgo following the Mexican-American War in 1848.