What is true of the product combination that satisfies allocative efficiency? Select all that apply: a. It is the combination of
products that society most desires. b. It is one of many combinations of products that use all available resources. c. It is the combination of products that is most beneficial to the firms, but not buyers. d. It is a combination of products that is outside of the production possibilities frontier.
The answer is a. It is the combination of products that society most desires.
Explanation:
Allocative efficiency means that the particular mix of goods being produced that is, the specific choice along the production possibilities frontier represents the allocation that society most desires.
Customer-segment pricing is a form where the price of the product is grounded on the segment of the customer. It is the segmentation of the price, where the different prices are charged to different people for the similar or the same service or the product.
In this case, the gallery has a different admission prices for seniors, adults and students and they are entitled to have a same service, this form of the pricing is known as the customer pricing segment.
Economics is a very important part of our daily lives as without it we would not have an understanding of the way the economy runs which will lead to even more suffering than human society today.
Economics encompasses the study of the production of goods and services as well as how these goods and services are consumed and exchanged. It encompasses the resources, markets and institutions needed to keep these goods flowing.
There are many career options available after you complete your high school. The most preferred career option for myself is Chemical engineer. I already have interest in organic chemistry and loved to see oil field plants. The site really admires me and the people working on the site are professionals. I would like to pursue my career in chemical engineering and become a Health and safety officer at chemical plants.
There are various colleges which offer chemical engineering programs for students. The most preferred choice is Imperial College of London, University of Birmingham and University of Edinburg