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Year 2 - Micro > 3.4.1 Efficiency > Flashcards

3.4.1 Efficiency Flashcards

1
Q

Allocative Efficiency

A

AR=MC

Resources allocation maximized for consumer and producer benefit

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2
Q

Productive Efficiency Point and Definition

A

MC=AC

Minimized average costs, efficient resource use, high productivity.

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3
Q

Dynamic Efficiency

A

ReinvestingProfits in order to innovate and R&D, lowered short and long-run costs

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4
Q

X-inefficiency

A

Firm lacks incentive to control production costs

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Year 2 - Micro (16 decks)

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