Which of the following statements best describes allocative efficiency?
a. As additional increments of resources are added to producing a good or service, the marginal benefit from those additional increments will decline.
b. when it is impossible to produce more of one good (or service) without decreasing the quantity produced of another good (or service)
c. when a country can produce a good at a lower cost in terms of other goods; or, when a country has a lower opportunity cost of production
d. when the mix of goods being produced represents the mix that society most desires
d. when the mix of goods being produced represents the mix that society most desires
Allocative efficiency describes when the mix of goods being produced represents the mix that society most desires.
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Use the figure below to answer the following question. 
Which graph shows the immediate period for supply?
A. graph 1 B. graph 2 C. graph 3 D. graph 4
A payment made by the government to private producers of roads and libraries would be an example of
A) a subsidy. B) a copyright. C) a voucher. D) public provision. E) a Coase payment.
Relative to the social optimum, monopoly power tends to lead to
A) underproduction. B) overproduction. C) too much leisure. D) too little leisure.
The government office in charge of collecting official employment statistics is the:
A. Bureau of Labor Statistics. B. Bureau of Economic Analysis. C. Bureau of Industry and Security. D. Bureau of the Census.