An efficient allocation of resources would be characterised by:
A)a good being produced by the sellers with lowest cost
B)a shortage at the current market price
C)a good is not being bought by the buyers at highest value
D)all of the above are correct

Question

Quizplus · Accepted Answer

An efficient allocation of resources would mean that the sellers are producing the good at the lowest possible cost, which implies maximum utilization of resources. A shortage at the current market price or a good not being bought by the buyers at the highest value would imply inefficiency in the market allocation.

An Efficient Allocation of Resources Would Be Characterised By