a. Ensuring economic profitability.
b. Fulfilling many needs and wants of society.
c. Understanding whether a product will fail.
d. Replenishment of limited resources.
Answer: Options a and b are accomplished by efficient allocations of the factors of production.
Explanation:
a. Ensuring economic profitability: Allocating resources efficiently can lead to increased productivity, lower costs, and increased profits.
b. Fulfilling many needs and wants of society: Efficient allocation of factors of production can help produce goods and services at lower costs, making them more accessible to consumers, thus fulfilling the needs and wants of society.
Options a and b are accomplished by efficient allocations of the factors of production. Option c is not directly related to efficient allocation of factors of production, and option d refers to the replenishment of limited resources, which is not accomplished by efficient allocation but rather by sustainable resource management practices.
