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Economic Efficiency

Level:
A Level
Board:
AQA, Edexcel, OCR, IB
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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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