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Economic Efficiency
- Level:
- A Level
- Board:
- AQA, Edexcel, OCR, IB
Last updated 21 Mar 2021
This is an updated revision presentation on economic efficiency in markets
Students should be able to:
- Understand and distinguish between productive and allocative efficiency
- Know that the minimum point on the average total cost is the most productively efficient point and that allocative efficiency occurs where price is equal to marginal cost
- Understand the meaning of inefficiency e.g. X-inefficiency
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