객관식
A guideline for optimal resource allocation is to devote resources in the way that:
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0. Basic Principles of Economics
Allocative Efficiency, Productive Efficiency, and Equality
객관식
Which of the following is likely to result in allocative inefficiency?
A
Perfect competition in all markets
B
Resources being allocated according to consumer preferences
C
A government-imposed price ceiling that is set below the equilibrium price
D
Firms producing at the lowest possible average cost
검증된 단계별 안내1
Understand the concept of allocative efficiency: it occurs when resources are distributed in a way that maximizes consumer satisfaction, meaning goods are produced up to the point where the price equals the marginal cost (\(P = MC\)).
Analyze each option in terms of allocative efficiency: Perfect competition typically leads to allocative efficiency because firms produce where \(P = MC\).
Consider resource allocation according to consumer preferences: this implies that resources are directed to produce goods that consumers value most, which supports allocative efficiency.
Examine the effect of a government-imposed price ceiling below the equilibrium price: this creates a shortage because the quantity demanded exceeds quantity supplied, leading to a misallocation of resources and thus allocative inefficiency.
Look at firms producing at the lowest possible average cost: this relates to productive efficiency, which is necessary but not sufficient alone for allocative efficiency.
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