1
Q
Where does allocative efficiency occur
A
P = MC
Point where marginal benefit is equal to marginal cost
2
Q
At what is productive efficiency achieved
A
When firm is at lowest point of AC curve
3
Q
What is dynamic efficiency
A
Achieving productive and allocative efficiency over time
4
Q
What is Pareto efficiency
A
Occurs when it is not possible to make someone better off without making someone else worse off
Microeconomics
flashcards
Decks in class (21)
# Cards
-
Oligopoly9
-
Dominant Firms (Legal Monopoly)5
-
Efficiency4
-
Business Growth8
-
Economies Of Scale8
-
Demand And Supply4
-
Government intervention24
-
Externalities12
-
Types Of Goods9
-
Common Property Resources3
-
Wage Differentials3
-
Labour Market7
-
Minimum Wages3
-
Income Inequality9
-
Monopolistic Competition4
-
Perfect Competition5
-
Objectives Of Firms5
-
Cross Elasticity2
-
Privatisation & Nationalisation4
-
Deregulation3
-
Regulators3
