________ Is a Situation in Which a Good or Service

question 208

Multiple Choice

________ is a situation in which a good or service is produced at the lowest possible cost.

• A)Allocative efficiency
• B)Productive efficiency
• C)Equity
• D)Optimal marginalism

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Definitions:

Credit Terms

The conditions under which credit will be extended to a borrower, including repayment schedule, interest rate, and the timeframe of the loan.

Merchandise

Goods or products that are bought, sold, or traded in the course of business operations.

Payment

The transfer of money or goods from one party to another in exchange for goods, services, or to fulfill a contractual obligation.

Discount

denotes a reduction in the price of goods or services typically offered for promotional reasons or to certain groups of customers.