Technological advance improves allocative efficiency by
A)enhancing monopoly power.
B)reducing income inequality.
C)giving society a more-preferred mix of goods and services.
D)encouraging saving.

Question

Quizplus · Accepted Answer

Technological advances can lead to a more efficient allocation of resources by enabling the production of a mix of goods and services that better matches consumer preferences, thus improving allocative efficiency.

Technological Advance Improves Allocative Efficiency by