Microeconomics chapter 11

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The term productive efficiency refers to:

-the production of a good at the lowest average total cost

Assume a purely competitive, increasing-cost industry is in long-run equilibrium. If a decline in demand occurs, firms will:

-leave the industry and price and output will both decline

Resources are efficiently allocated when production occurs where:

-price is equal to marginal cost

The term Allocative efficiency refers to:

-the production of the product mix most desired by consumers

A constant-cost industry is one in which:

-if 100 units can be produced for $100, then 150 can be produced for $150, 200 for $200, and so forth

Long-run competitive equilibrium:

-results in zero economic profits

If for a firm P= minimum ATC=MC then:

-both Allocative efficiency and productive efficiency are being achieved

Allocative efficiency occurs whenever:

-it is impossible to produce a net benefit for society by changing the combination of goods and services produced

Creative destruction is:

-the process by which new firms and new products replace existing dominant firms and products

In a decreasing-cost industry:

-lower demand leads to higher long-run equilibrium prices

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