When every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it, ________ occurs
A) allocative efficiency
B) productive efficiency
C) equity
D) efficient central planning
Answer: A
Economics
You might also like to view...
Define the following terms and explain their importance to the study of macroeconomics
a. central bank b. Federal Open Market Committee c. supply of money d. monetary policy
Economics
If a consumer is initially at an optimum, and then the price of Y decreases, then
A. MUX/PX = MUY/PY. B. MUX/PX < MUY/PY. C. MUX/MUY < PY/PX. D. MUX/PX > MUY/PY.
Economics