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(a) Explain the meaning of efficiency in economics and use a sketch diagram to illustrate its attainment by reference to the Production Possibility Curve.
(b) Refer to the concepts of allocative efficiency, productive efficiency and dynamic efficiency to explain how a perfectly competitive market allocates resources to achieve the maximum satisfaction of material wants. Use a diagram to illustrate a perfectly competitive firm's long-run equilibrium.
(c) Referring to the same three concepts of efficiency, explain why a monopoly market structure is often regarded as less efficient than a perfectly competitive market. Use a diagram to illustrate your answer.
Inflation in Germany Once we have monthly data on a price index we can calculate inflation. In most nations, the percentage change in price index during one month is small. So,
In January of 1997, the U.S. Consumer Price Index (CPI) stood at 159.1. By January of 2008, the level had risen to 211.1. What was the average annual rate of inflation over this ti
NATIONAL INCOME STATISTICS
A friend says that the economy will produce inside the PPF curve (like pt E below) since we in the economy value saving, or for some other reason. You say this is incorrect. Why? U
This economics of scale exist for all of the following reasons except: a. bureaucratic inefficiencies b. management problems c. failures in information flows d. firm size is to
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uses of national income statistics..
Singer suggests that although the right to sell blood does not threaten the formal right to give blood, it is incompatible with "the right to give blood, which cannot be bought, wh
Determine the principle of equity The principle of equity is that a tax must be fair and the tax is levied on those with the ability to pay tax. The principle of efficiency
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