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Which of the following statements are true about productive and allocative efficiency society can achieve either productive efficiency or allocative efficiency but not simultaneously?
society can achieve either productive efficiency or allocative efficiency, but not both simultaneously
What is the difference between allocative and technical efficiency?
no difference
How can one determine how to find allocative efficiency in a market?
Allocative efficiency in a market can be determined by comparing the price of a good or service with the marginal cost of producing it. When the price equals the marginal cost, allocative efficiency is achieved. This means that resources are allocated in a way that maximizes overall societal welfare.
What does the term 'allocative efficiency' refer to?
Allocative efficiency is the concept in economics where manufacturers and service providers only produce those goods and services which are in high demand and the most desirable to the consumer.
What are the techniques of economic efficiency in health care?
allocative efficancy productive efficancy
Which of the following statements are true about productive and allocative efficiency society can achieve either productive efficiency or allocative efficiency but not simultaneously?
society can achieve either productive efficiency or allocative efficiency, but not both simultaneously
What is the difference between allocative and technical efficiency?
no difference
How can one determine how to find allocative efficiency in a market?
Allocative efficiency in a market can be determined by comparing the price of a good or service with the marginal cost of producing it. When the price equals the marginal cost, allocative efficiency is achieved. This means that resources are allocated in a way that maximizes overall societal welfare.
What does the term 'allocative efficiency' refer to?
Allocative efficiency is the concept in economics where manufacturers and service providers only produce those goods and services which are in high demand and the most desirable to the consumer.
What are the techniques of economic efficiency in health care?
allocative efficancy productive efficancy
To realize full production a society must achieve what?
Both allocative and productive efficiency
How do you achieve allocative efficiency?
Allocative efficiency is an output level where the price equals the marginal cost of production. This is because the price that consumers are willing to pay is equivalent to the marginal utility that they get. Therefore the optimal distribution is achieved when the marginal utility of the good equals the marginal cost.
What is allocative efficiency?
It is the particular mix of goods and service most highly valued by society (minimum-cost production assumed).
What is allocative efficiency and productive efficiency?
Allocative and productive efficiencies are theoretical concepts in economics. Allocative efficiency is achieved in an economy when the distribution or apportionment of resources produces the greatest utility for consumers through its combination of products. For example, and for the sake of simplicity, envision an economy with two products: pizza and robots. In an allocatively-efficient economy, businesses are producing the right amount of each product to make consumers happy. Productive efficiency, on the other hand, is when an economy is using all of its resources efficiently, producing the greatest output for the smallest input. Productive efficiency, on a production possibility frontier, occurs on any points along the curve.
What has the author Jan K Bueckner written?
Jan K. Bueckner has written: 'Public intermediate inputs, property value, and allocative efficiency'
Why do you have to study pure competition if it has never existed?
produces ideal results in terms of low-cost production and allocative efficiency, and can be used as a basis of comparison.
Allocative efficiency is the particular mix of goods and service most highly valued by society (minimum-cost production assumed). True or False?
True
