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MICRO ECONOMICS IMPROVED > T3 EFFICIENCY > Flashcards

T3 EFFICIENCY Flashcards

1
Q

What are the 4 types of efficiency

A

X efficiency, Dynamic efficiency, Allocative efficiency and productive efficiency.

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2
Q

What is productive efficiency

A

Where Average cost is lowest
MC = AC

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3
Q

What is meant by allocative efficiency

A

Where welfare is maximised.
Where MC = Price and where MC = AR
and MC = Demand

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MICRO ECONOMICS IMPROVED (14 decks)

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