efficiency Flashcards

1
Q

allocative efficiency

A

where demand is equal to supply maximising society surplus

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

allcocative efficiency occurs where…

A

demand equals supply

price = marginal cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly