Allocative efficiency means that
[DOC File]AP ECONOMICS CHAPTER 1 STUDY GUIDE
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Allocative efficiency means that the least costly and most technically efficient mix is chosen. 15. Productivity measurement is a quantitative assessment of productivity changes. 16. If the productivity ratio (output/input) has only one input, then it is a partial measure. If all inputs are included, then it is a total measure of productivity.
[DOC File]Chapter 10: Activity- and Strategic-Based Responsibility ...
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Allocative efficiency means that tax revenues are raised without unduly affecting the patterns of production and consumption that would occur in the absence of taxation. Horizontal equity means that equivalent businesses should be treated the same; it is closely associated with allocative efficiency.
[DOC File]The broad social goals that relate to economics
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25. Allocative efficiency means that: A) the law of increasing opportunity costs has reached a maximum. B) the least costly methods are being used to produce a product. C) resources are being devoted to the production of products most desired by society.
[DOC File]Lecture 9
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distinguish between allocative efficiency, X-efficiency, and ‘dynamic’ efficiency (or economic growth) discuss the broad categories of market failure. explain the allocative, distributive, and stabilisation functions of government. distinguish between direct and indirect forms of …
[DOC File]CHAPTER 3 – THE BIOLOGICAL BASIS OF BEHAVIOUR
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24. Allocative efficiency means that: A) the law of increasing opportunity costs has reached a maximum. B) the least costly methods are being used to produce a product. C) resources are being devoted to the production of products most desired by society.
[DOC File]CHAPTER OVERVIEW
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(1) Productive Efficiency is Achieved -- goods are produced at least-cost in the long run, or where P = min ATC. (2) Allocative Efficiency is Achieved -- goods are produced where P = MC. This allocation provides what consumers want most with the available resources. Recall from Lecture 2 that allocative efficiency means that the
[DOC File]AP ECONOMICS CHAPTER 2 STUDY GUIDE TB2
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An economy may possess productive efficiency in producing good A, for example, but if consumers do not want good A and prefer good B instead, then it would not be allocatively efficient to produce good A. Economics or allocative efficiency is a broader concept than productive efficiency.
[DOC File]TAX IMPLICATIONS
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The equality of P and MC means the firms is achieving allocative efficiency; the industry is producing the right product in the right amount based on society’s valuation of that product and other products. Pure Competition. Pure Competition. 82 81 289
Allocative Efficiency | Intelligent Economist
4) Productive efficiency means that goods and services are being produced by society in the least costly way. 5) Allocative efficiency means achieving the optimal or most desired point on the production possibilities curve.
[DOC File]Ch. 1 & 2
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Allocative efficiency means that resources are used for producing the combination of goods and services most wanted by society—for example, producing compact discs instead of long-playing records with productive resources or computers with word processors rather than manual typewriters.
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