Product code Economics-Quizlet149
1Q-What is productive efficiency?
2Q-What is technical efficiency?
3Q-What is cost efficiency?
4Q-What is economic efficiency?
5Q-What is allocative efficiency?
6Q-What is market failure?
7Q-Key causes of market failure?
8Q-What are the four types of competition?
9Q-What is a merit good?
10Q-What is public goods?
11Q-What is positives externalities?
12Q-What is the free-rider problem?
13Q-What is non-excludability?
14Q-What is non-rivalry?
15Q-What is non-reject-ability?
16Q-What are problems of public goods?
17Q-What are potential solutions to public good accosiated market failures?
18Q-What is a negative externality?
1Q-What is productive efficiency? 1A-When firms produce the maximum output possible, at minimum average total costs given current inputs and technology.
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