When the mix of goods and services produced is just what society desires, _____ exists.

Question

Quizplus · Accepted Answer

Allocative efficiency exists when the mix of goods and services produced is just what society desires, meaning that resources are allocated in a way that maximizes consumer satisfaction and societal welfare. It is different from production efficiency, which refers to producing goods and services at the lowest possible cost. Socialism and communism are economic and political systems, not concepts related specifically to the allocation of resources.

When the Mix of Goods and Services Produced Is Just