3 - competitive markets and perfect competition Flashcards
1
Q
all the products are the same irrespective of who makes them
A
homogeneous
2
Q
the optimum allocation of scarce recourses that best accords with the consumers pattern of demand
A
allocative efficiency
3
Q
the (optimum) combination of fixed and variable factors that minimizes ATC
A
optimum output
4
Q
efficiency at a point in time-includes allocative and productive efficiency
A
static efficiency
5
Q
efficiency over time-new products, techniques and processes which increases economic growth
A
dynamic efficiency
6
Q
individual performance depends ultimately on the industry structure where the variables in the model are structure, conduct and performance
A
structural performance and conduct model
