_____ efficiency is achieved when a firm obtains the maximum well-being from producing the right set of goods and services.

Question

Quizplus · Accepted Answer

Allocative efficiency occurs when a firm or economy is capable of distributing resources in a way that maximizes the overall benefit and well-being of consumers, ensuring that the right mix of goods and services is produced according to consumer preferences.

_____ Efficiency Is Achieved When a Firm Obtains the Maximum