If Society Produces a Pie at the Lowest Possible Cost

question 174

Multiple Choice

If society produces a pie at the lowest possible cost and then distributes the pie evenly among its population,then:

• A) production and allocative efficiency are achieved.
• B) only production efficiency is achieved.
• C) neither production efficiency nor allocative efficiency is achieved.
• D) only allocative efficiency is achieved.

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Definitions:

Cognitions

Mental processes involved in gaining knowledge and comprehension, including thinking, knowing, remembering, judging, and problem-solving.

Cognitive Distortion

Faulty or biased ways of thinking that are believed to contribute to the maintenance of psychological disorders.

Mind Reading

A cognitive distortion where an individual believes they know the thoughts and intentions of others without sufficient evidence.

REBT

Rational Emotive Behavior Therapy (REBT) is a form of cognitive-behavioral therapy developed by Albert Ellis that emphasizes identifying irrational beliefs, challenging these beliefs, and ultimately changing behavioral and emotional responses.