Allocative efficiency - Study guides, Class notes & Summaries

ECONOMICS Chapter 13 Study Set QUESTION AND CORRECT ANSWER Monopolistic competition means: <a market situation where competition is based entirely on product differentiation and advertising. <a large number of firms producing a standardized or homogeneous product. <many firms producing differentiated products. <a few firms producing a standardized or homogeneous product. many firms producing differentiated products. Monopolistic competition is characterized by a: <...

ECN 104 Microeconomics Final Test Questions and Correct Answers 100% Guaranteed Pass Perfect Competition Characteristics - Answer- - very large # of sellers - standardized product - "price takers" - perfectly elastic demand - demand graphs as horizontal line Monopoly Characteristics - Answer- - single seller - no close substitutes - price maker - blocked entry - non-price competition Monopolistic Competition Characteristics - Answer- many sellers, product differentia...

All of the following are true of allocatively efficient markets except CORRECT ANSWER Consumers place a higher value on that product that it is costing firms to produce What type of efficiency is defined as the mix of goods and services produced that are just what society desires? CORRECT ANSWER Allocative efficiency A perfectly competitive firm in the long run will CORRECT ANSWER Earn normal profits Goods that are consumed together, such as cars and gasoline or peanut butter and jelly ...

allocative efficiency correct answers A state of the economy in which production is in accordance with consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it productive efficiency correct answers a situation in which a good or service is produced at the lowest possible cost equity correct answers the fair distribution of economic benefits factors of produ...

Econ 211 Exam 2 – UNL Rated A+ 2 ways economic growth is measured ️Nominal and real GDP Nominal GDP ️often appear higher than real GDP, not adjusted for inflation (GDP17=P17 x Q17) Real GDP ️adjusted for inflation (GDP17=P09 X Q17) GDP is reported.. ️Quarterly (Advanced, Premlim and final) Economic growth is measured as ️a % change in real GDP on an annual basis (real GDP2 - real GDP 1 / real GDP 1) x 100 another way to measure economic growth ️change in real GDP per ...

Positive Statement correct answers A statement that can be tested to see if it's correct or not Normative Statement correct answers A statement that has a value judgement and can't be refuted by looking at evidence Need correct answers Something necessary for human survival Want correct answers Something that is desirable Economic welfare correct answers The economic wellbeing of an individual or group of people (Human happiness) Capital good correct answers A good used in the...

WGU Microeconomics C718 Questions and Answers Already Passed Economics the study of how humans make decisions in the face of scarcity 3 basic economic questions What to produce? How to produce? For whom to produce? opportunity cost measures cost by what is given up in exchange; opportunity cost measures the value of the forgone alternative How do economists assume individuals make choices? whatever will serve their own self-interest margin the current level of an activity choice at the marg...

Principles of Microeconomics Exam Questions And Answers (Verified And Updated) Scarcity - answera situation in which unlimited wants exceed the limited resources available to fulfill those wants shortage - answera situation in which the quantity demanded is greater than the quantity supplied microeconomics - answerthe study of how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices macroeconomics - answerthe study o...

AQA Economics A Level Year 1 – Microeconomics Exam with 100% Correct Answers |LATEST| Allocative Efficiency *Ans* Occurs when the available economic resources are used to produce the combination of goods and services that best matches people's tastes and preferences Positive Statements *Ans* A statement of fact that can be tested to see if it is incorrect or correct Normative Statements *Ans* A statement that includes a value judgement and cannot be disproved just by looking at ...

ECN 104 Midterm Exam 2024 with Complete Solutions Rationing function of prices - Answer- The ability of competitive forces of supply and demand to establish a price at which selling and buying are consistent. Productive Efficiency - Answer- Producing the right amount of goods, and the lowest cost, with the best technology. Allocative Efficency - Answer- Producing the right amount of each product as per market demand. Price Ceiling - Answer- The maximum legal amount that that a seller m...