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Soloha48 [4]
3 years ago
5

models of competitive markets are helpful in understanding real-world markets. to help you to better understand competitive mark

ets, it is important to understand economic efficiency. sort the descriptions below into whether they are characteristics of productive or allocative efficiency.
Business
1 answer:
Taya2010 [7]3 years ago
8 0

Productive efficiency focuses on the cost of production while allocative efficiency focuses on the distribution of the products.

In economics, the efficiency or productivity of a business is classified into two types:

  • Productive efficiency.
  • Allocative efficiency.

These two types of efficiency focus on different aspects of production and selling goods and services.

Productive efficiency: This type implies producing goods at the lowest cost possible. This means:

  • Avoiding unnecessary costs.
  • Controlling costs when the number of units increases.

Allocative efficiency: This type implies selling or allocating the products in society. This means:

  • Considering the maximum amount the customer can pay for a product (marginal benefit).
  • Making the cost of production equal to the marginal benefit.

Note: This question is incomplete because the statements that need to be classified are not provided; due to this, I answered the question based on general knowledge.

Learn more in: brainly.com/question/3886960

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<h3>What is district ?</h3>

A district is a type of administrative division that is managed by the local government in some countries. Districts vary widely in size around the world, spanning regions or counties, numerous municipalities, subdivisions of municipalities, a school district, or a political district.

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A district is a section of a country, city, or town designated by the government for official purposes.

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