Which of the following describes a situation in which a good or service is produced at the lowest possible cost?
A) marginal efficiency
B) productive efficiency
C) allocative efficiency
D) profit maximization
B
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Labor demand curves are homogeneous of degree zero.
Answer the following statement true (T) or false (F)
Market supply is obtained by
A) summing the amount demanded by individual consumers at various prices. B) summing the amount supplied by individual producers at various prices. C) the law of supply. D) observing how the supply curve shifts.
The equality-efficiency trade-off refers to:
A.the conflict between risk averters and risk-takers.
B.the willingness of Congress to abandon existing welfare programs in favor of a comprehensive plan to increase education and training for low-income persons.
C.possible conflicts between the goals of economic efficiency and greater income equality.
D.the difference between the goals of income equality and equality of economic opportunity.
Refer to the diagram. A government price support program to aid farmers is best illustrated by:
A. quantity E.
B. price C.
C. price A.
D. price B.