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Explain, using a diagram, why a perfectly competitive market leads to allocative efficiency in both the short run and the long run. Explain, using a diagram, why a perfectly competitive firm will be productively efficient in the long run, though not necessarily in the short run.
allocative efficiency is achieved when

[DOCX File]ANSWERS TO END-OF-CHAPTER QUESTIONS
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Use a supply and demand diagram to show how that response will change the combined amount of consumer surplus and producer surplus in the market for cashews. The combined output is too little to achieve allocative efficiency. The marginal benefit of producing more cashews (as measured by P) exceeds the cost of the resources necessary to produce ...
allocative efficiency occurs when the

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Resource allocative efficiency occurs when P = MC. It means that the limited resources of a society are being allocated according to buyers’ preferences. In case of resource of resource allocative efficiency there is neither overproduction nor underproduction, for example, if 100 people prefer tea to coffee then only 100 units of tea will be ...
productive efficiency means that

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148.Refer to the above diagram wherein the numerical data show profits in millions of dollars. Beta's profits are shown in the northeast corner and Alpha's profits in the southwest corner of each cell. ... both allocative efficiency and productive efficiency. B)allocative efficiency, but not productive efficiency. C)productive efficiency, but ...
allocative efficiency graph

[DOC File]AP MICROECONOMICS UNIT #1
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Efficiency. Production possibilities curve. Factors of production. Capital good. Consumer good. Economic growth. Productive efficiency. Allocative efficiency. Marginal analysis. Marginal benefit. Marginal cost. Law of increasing opportunity cost. Absolute advantage. Comparative advantage. Specialization. Opportunity cost ratio. Terms off trade ...
allocative and productive efficiency examples

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Explain, using a diagram, why a perfectly competitive market leads to allocative efficiency in both the short run and the long run. This is because firms are free to enter or leave the industry as they wish/can and the firms do not affect each other individually strongly.
allocative efficiency means that quizlet

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Question #3-#4 refer to the following diagram. A country’s production possibilities curve for coffee and wheat. At point E, it can be said that: there is allocative efficiency. the quantity of coffee can only be increased by reducing the quantity of wheat. the quantity of wheat can only be increased by reducing the quantity of coffee.
scarcity implies that quizlet

[DOC File]NASLOV
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Overall operational efficiency is the result of achieved technical and allocative efficiency. It is as a product of TEi * AEi. Table 2 gives a simple example of the calculation of technical, allocative and operational (in)efficiency of a distribution company lying in the point R.
allocatively efficient point

Allocative efficiency diagram