Allocative efficiency involves determining:

A) which output mix will result in the most rapid rate of economic growth.
B) which production possibilities curve reflects the lowest opportunity costs.
C) the mix of output that will maximize society's satisfaction.
D) the optimal rate of technological progress.

Allocative Efficiency

Achieved when resources are distributed in a way that maximizes the benefits received by society, aligning production with consumer preferences.

Output Mix

The combination or assortment of different products that a firm produces, reflecting the firm's strategy to meet various consumer demands or market segments.

Economic Growth

A growth in an economy's ability to generate goods and services over different time intervals.