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49. allocative efficiency refers to a situation where () we caniuoi producc more of any one good without giving up some other good (2) goods and services are pr
49. Allocative efficiency refers to a situation where () We caniuoi producc more of any one good without giving up some other good (2) Goods and services are produced at the lowest possible cost and in the quantities that provide the greatest possible benefit. (3) Opportunity cost is zero. (4) Opportunity costs are equal.
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Nidhi taparia Best Answer
49. Option (2) is right. Allocative efficiency refers to a situation when there is an optimal distribution of goods and services, taking into account consumer's preferences. Precisely, it is output at which price equals marginal cost (hence the good is being produced at the lowest cost possible) and this equals marginal benefit as well (meaning that maximum benefit is being derived).