Question content area

Part $1$

What is allocative$$ efficiency?

Part $2$

A$.$

It refers to a situation in which resources are allocated to their highest profit use.

B$.$

It refers to a situation in which resources are allocated fairly to all consumers in a society.

C$.$

It refers to a situation in which resources are allocated such the last unit of output produced provides a marginal benefit to consumers equal to the marginal cost of producing it$.$

D$.$

It refers to a situation in which resources are allocated such that goods can be produced at their lowest possible average cost.