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micro economics > Efficiencies > Flashcards

Efficiencies Flashcards

1
Q

Productive efficiency

A

Lowest point of AC
- max output at lowest cost
- max consumer wealfare

Technological/managerial economies of scale

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2
Q

Allocative efficiency

A

P=MC
- best interests pf society
-max social wealfare
-max utility
-reduce price
-max consumer satisfaction

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3
Q

Dynamic efficiency

A
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4
Q

X-inefficiency

A
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micro economics (6 decks)

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