Inefficiency Exists in an Economy When a Good Is

question 68

Multiple Choice

Inefficiency exists in an economy when a good is

• A)being produced with less than all available resources.
• B)not distributed fairly among buyers.
• C)not being produced by the lowest-cost producers.
• D)being consumed by buyers who value it most highly.

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Definitions:

Concern For People

An approach or attitude in management and leadership that emphasizes the importance of employee well-being and job satisfaction.

Potentially Efficient

Describes a situation where resources could be allocated in a way that maximizes productivity or utility, but are not currently.

Worse Off

A situation in which an individual, group, or economy is in a poorer or less advantageous position compared to a previous state or another entity.

Equitable

Characterized by fairness and impartiality; ensuring just treatment or distribution of resources without favoritism or discrimination.