Allocative Efficiency Can Be Defined as

question 158

Multiple Choice

Allocative efficiency can be defined as

• A)all non-value activities performed with minimal quantities needed to produce the given outputs.
• B)elimination of all non-value-added activities.
• C)input prices determining the relative proportions of each input that should be used.
• D)input prices determining the relative proportions of each output that should be produced.

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Definitions:

Assert Proposition

To claim that a certain proposition, a statement that can be true or false, is true.

Hypothetical-deductive Reasoning

A cognitive process, identified by Piaget, involving the ability to formulate hypotheses and systematically deduce the most logical consequences to solve a problem.

Formal Operational Thought

A stage in cognitive development, according to Piaget, where individuals develop the ability to think abstractly, logically, and systematically, usually beginning in adolescence.

Concrete Operational Thought

A stage in cognitive development, described by Piaget, where children aged 7-12 start to think logically about concrete events.