Allocating Resources by the Order of Someone in Authority Is

question 62

Multiple Choice

Allocating resources by the order of someone in authority is a ________ allocation method.

• A) first-come, first-served
• B) market price
• C) contest
• D) majority rule
• E) command

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Definitions:

Economic System

The organized way in which a country allocates resources and distributes goods and services in its society.

Criterion

A principle or standard by which something can be judged or decided.

Efficiency

The optimal allocation of resources to produce goods and services in a way that maximizes output with the least waste or cost.

ATC Curve

A graph showing the average total cost of producing different quantities of a good, illustrating how costs change with output levels.