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Exam 2
Exam 2
5
Economics
Undergraduate 1
03/11/2010
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Term
Dynamic Efficiency def
 Definition
Concerns the rate of technological progress with an industry.
Term
Production Efficiency def
 Definition
Concerns how well resources are used in a particular use
Term
Allocative Efficiency
 Definition
How well goods are being allocated to different industries
Term
Conditions for perfect competition
 Definition
No barriers to entry, Many firms with no control on price, firms produce homogenous product and perfect information
Term
Conditions for monopoly
 Definition
Entry is blocked, Demand is not equal to marginal revenue,
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