Asked by
Austin Kincaid
on Nov 25, 2024
Verified
Producing a good in the least costly way is known as allocative efficiency.
Allocative Efficiency
Occurs when resources are distributed in a way that maximizes the net benefit to society.
Least Costly Way
Refers to a method or strategy that aims to achieve a particular goal or produce a specific outcome with the minimum possible expense or use of resources.
- Comprehend the concept of market efficiency, focusing on both allocative and productive efficiencies, along with the circumstances necessary for their realization.
Verified Answer
YR
Learning Objectives
- Comprehend the concept of market efficiency, focusing on both allocative and productive efficiencies, along with the circumstances necessary for their realization.
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