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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?


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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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