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Chapter 2: Q.15 (page 44)

What is productive efficiency? Allocative

efficiency?

Short Answer

Expert verified

Productive efficiency is the resources able to utilize and the technology.

Allocative efficiency indicates a selected blend of goods that society creates

Step by step solution

01

Step 1:Productive efficiency

Productive efficiency, also known as production efficiency, is the resources able to utilize and the technology, it is not practicable to make more of one good without reducing the amount of another good.

02

Step 2: Allocative efficiency

Allocative efficiency also known as allocational efficiency indicates a selected blend of goods that society creates, which also describes the loads that society expects the most.

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