If a seller's agent or subagent has been informed of a latent defect in the property and the seller on the property disclosure statement checks "No Representation" and the agent fails to inform the buyer of the defect who is liable?

The correct answer is option C.

Explanation:

Productive efficiency means that resources are allocated in such a way that goods and services are produced at the minimum possible cost. Though it implies no wastage of resources, the distribution is not efficient.

This is because, in this situation, tickets will not be available to all. Those students who really want them may not be able to go and get them. This means that welfare may not be maximized.

When the production of goods and services is according to the preference of the consumer, it is called allocative efficiency.