producing a good in the least costly way is known as allocative efficiency.\ntrue\nfalse

Brief Explanations:

To determine the answer, we recall the definitions of economic efficiencies. Productive efficiency is about producing a good at the lowest cost (using the least - cost combination of inputs). Allocative efficiency, on the other hand, is about producing the quantity of a good where the marginal benefit to society equals the marginal cost of production (i.e., producing the right mix of goods and services that consumers value the most). Since the statement says that producing a good in the least costly way is allocative efficiency (but it's actually productive efficiency), the statement is false.

Answer:

False