Question

Which resource allocation strategy is least likely to be used in Wrightland?

Answer 1

Compare and Contrast strategies for allocating scarce resources, such as by price, majority rule, contests, force, sharing lottery, authority, first-come-first served, and personal characteristics.

Allocative efficiency represents the most efficient allocation of scarce resources for an economy in the sense that, for any combination of scarce resources, the production of goods and services that occurs is most valued by society.

Hope it helps uh!