Question

hypothetical situation where all available recourses are used efficiently is termed as
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Answer 1

Answer:

hlo

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Answer 2

Answer:

The hypothetical situation where all available resources are used efficiently is commonly known as an "optimal" or "efficient" outcome.

Explanation:

Hypothetical situation means that there is no other feasible solution that can improve upon the current allocation of resources, given the existing technology, inputs, and outputs.

In an optimal outcome, resources are allocated in such a way that all stakeholders, including consumers, producers, and society as a whole, are able to maximize their benefits. For example, in a market economy, an optimal outcome would occur when prices and quantities are set such that the marginal benefits of consuming or producing a good or service are equal to the marginal costs of producing it.

Achieving an optimal outcome requires careful planning and management of resources. This involves ensuring that resources are allocated efficiently and equitably, without any waste or misallocation. An optimal outcome is not always achievable in practice, but it serves as a useful benchmark for evaluating the effectiveness of economic policies and management strategies.

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