When a Society Achieves Allocative Efficiency,it

question 70

Multiple Choice

When a society achieves allocative efficiency,it

• A) is not achieving production efficiency.
• B) is producing that combination of goods and services that society values most highly.
• C) might or it might not be producing at a point on society's PPF.
• D) is producing a combination of goods and services whose marginal cost exceeds their marginal benefit.
• E) is producing the combination of goods and services for which marginal benefit exceeds marginal cost by as much as possible.

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Definitions:

Abyssal Plains

Very flat, deep-sea floors found at depths between 3,000 and 6,000 meters, making up a large portion of the ocean's basin.

Oceanic Fracture Zones

Linear oceanographic features caused by the movement of tectonic plates, characterized by significant variations in depth and topography.

Seafloor

The bottom of an ocean or sea, composed of various geological features including ridges, valleys, plains, and trenches, shaped by processes like volcanic activity, sediment deposition, and tectonic movements.

Mid-Ocean Ridges

Oceanic mountain chains that develop due to the movements of tectonic plates, leading to the formation of new sea floor as a result of volcanic eruptions.