Question

(Allocative efficiency?

Voluntary exchange?
Productive efficiency?
occurs when a good or service is produced at the lowest possible cost.
(Allocative efficiency?
Voluntary exchange?
Productive efficiency?
occurs when production is in accordance with consumer preferences.

Answer 1

The correct answers are;

Productive efficiency occurs when a good or service is produced at the lowest possible cost.

Allocative efficiency occurs when production is in accordance with consumer preferences.