Production efficiency is defined as producing the mix of goods and services most desired by society.

Name: Production efficiency is defined as producing the mix of goods and services most desired by society.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Production efficiency is defined as producing goods and services with the least amount of resources possible, regardless of the desires of society. Allocative efficiency, on the other hand, is defined as producing the mix of goods and services most desired by society.

Production Efficiency Is Defined as Producing the Mix of Goods