Doing something at the lowest possible cost is known as:

• A. Equality
• B. Allocative efficiency
• C. Market equilibrium
• D. Productive efficiency

Answer: (D)

Verified step by step guidance

1. Understand the concept being asked: The problem is about identifying the term that describes doing something at the lowest possible cost.
2. Recall the definitions of the options given: Equality refers to a fair distribution of resources, Allocative efficiency means resources are distributed according to consumer preferences, Market equilibrium is the point where supply equals demand.
3. Focus on the term 'Productive efficiency': This means producing goods or services at the lowest possible cost, using resources in the most efficient way without waste.
4. Match the definition to the correct term: Since the question asks for the concept of lowest possible cost, it aligns with Productive efficiency.
5. Conclude that the correct answer is Productive efficiency because it specifically describes minimizing costs in production.