46 Which of the following conditions does not need to occur for a market to achieveallocative efficiency?Consumers' maximum willingness to pay equals producers' minimum acceptableprice for the last unit of output.The total revenue received by producers equals the total cost of production.The marginal benefit of the last unit produced equals the marginal cost of producingthat unit.The sum of producer and consumer surplus is maximized.

Allocative efficiency:- Allocational, or allocative, efficiency is a characteristic of a well-functioning market in which all commodities and services are divided effectively between purchasers. It happens whenever participants are capable of making decisions about how to spend their funds based on reliable and easily accessible facts represented in the market. In economics, the price and quantity specified by the intersection of the supply and demand curves describe the level of allocative efficiency for a good or service. Productive efficiency is determined by the manner of production, whereas allocating efficiency is determined by the volume of produced.Answer:- Total revenue received by producers equal the total cost of production. Explanation:- When consumers pay a marketplace price that reflects the actual marginal production cost, this is known as allocation efficiency. The criteria for a business to be allocatively efficient is to create a product where marginal production cost, MC, is exactly identical to price, P and marginal revenue. So, option b is correct.