Asked by
Rania Meziati
on Nov 25, 2024
Verified
A market that achieves productive efficiency is necessarily producing the quantity of goods most desired by society.
Productive Efficiency
A situation in which a good or service is produced at the lowest possible cost.
Quantity of Goods
The total number of physical units of a product or commodity that are available in the market.
Desired by Society
Pertains to something that is widely regarded as beneficial or needed by the majority of the community or population.
- Acquire knowledge about market efficiency, specifically the aspects of allocative and productive efficiencies, as well as the conditions required for their attainment.
Verified Answer
CB
Learning Objectives
- Acquire knowledge about market efficiency, specifically the aspects of allocative and productive efficiencies, as well as the conditions required for their attainment.
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