Efficiency
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5 Terms
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allocative efficiency
where price is equal to marginal costs
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productive efficiency
where average costs are at their lowest point
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allocative and productive efficiency are what in the short term
static
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Dynamic efficiency
looks at how changes in technology and productive techniques over time will increase the productive potential of a firm
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X-inefficiency
where firms find themselves with average costs that are higher than they could be
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Flashcards (47)