Which of the following will be accomplished by efficient allocations of the factors of production?

May 24, 2023

92

A. ensuring economic profitability
B. understanding whether a product will fail
C. fulfilling many needs and wants of society
D. replenishment of limited resources

Answer:

The correct answer is C. fulfilling many needs and wants of society.

Efficient allocations of the factors of production refer to the optimal distribution of resources such as labor, capital, and natural resources to maximize output or productivity. By efficiently allocating these factors, societies can produce goods and services in a way that meets the needs and wants of the population.

Option A, ensuring economic profitability, can be a result of efficient allocations, but it is not the primary goal. Efficient allocations aim to maximize overall welfare and utility, rather than focusing solely on profitability.

Option B, understanding whether a product will fail, is not directly related to efficient allocations of factors of production. Assessing the viability of a product involves market research, consumer demand analysis, and other factors, but it is not directly tied to the allocation of resources.

Option D, replenishment of limited resources, is not achieved through efficient allocations of factors of production. The replenishment of limited resources involves sustainable practices, conservation efforts, and responsible resource management, which are separate from the concept of efficient allocations.

Therefore, the main accomplishment of efficient allocations of the factors of production is fulfilling the needs and wants of society (option C).

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