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11. What is allocative efficiency?

A. The production of a particular good in the least costly way
B. The particular mix of goods and services most highly valued by society
C. The allocation of resources in the most fair and equal manner possible
D. An increase in overall market efficiency due to a change in technology



Answer :

GinnyAnswer

Final answer:

Allocative efficiency ensures that goods and services produced align with society's preferences, achieving an optimal allocation of resources.


Explanation:

Allocative efficiency refers to the particular combination of goods and services produced representing what society desires most. Producers achieve allocative efficiency when they supply the quantity of each product that consumers demand. Only one of the productive choices will be the allocatively efficient choice for society.


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