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Economics 9708 > Unit 7 - The price system and the microeconomy (A Level) > Flashcards

Unit 7 - The price system and the microeconomy (A Level) Flashcards

(4 cards)

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1
Q

Define

Productive efficiency

A

When goods and services are produced with the least possible cost
MC = AC

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2
Q

What are the different ways of illustrating productive efficiency?

A
  1. Average cost curve
  2. Productive Possibility Curve
  3. Long Run perfect competition equilibrium
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3
Q

Explain the Average cost curve

A
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4
Q

Describe

How long run perfect competition equilibrium shows productive efficiency

A
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Economics 9708 (7 decks)

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