select all that apply. which two of the following are achieved at the equilibrium quantity of a good or…

select all that apply. which two of the following are achieved at the equilibrium quantity of a good or service? productive efficiency a shortage of the good or service a surplus of the good or service allocative efficiency

select all that apply. which two of the following are achieved at the equilibrium quantity of a good or service? productive efficiency a shortage of the good or service a surplus of the good or service allocative efficiency

Answer

Brief Explanations:

At the equilibrium quantity of a good or service, the quantity demanded equals the quantity supplied. Productive efficiency means goods are produced at the lowest - cost possible, and it is achieved in the long - run equilibrium of perfect competition and some other market structures at equilibrium quantity. Allocative efficiency occurs when goods and services are produced and consumed such that the marginal benefit to society equals the marginal cost, which is also achieved at equilibrium quantity. A shortage occurs when quantity demanded exceeds quantity supplied (below equilibrium), and a surplus occurs when quantity supplied exceeds quantity demanded (above equilibrium).

Answer:

Productive efficiency, Allocative efficiency