The first in a series of Microeconomics notes exploring market structure - organizational characteristics and features of a market that determine the behavior of firms operating within it and the outcomes in terms of prices, competition, and efficiency.
This study resource looks at the concept of (economic) efficiency. It covers:
- Economic efficiency ( = Productive efficiency + Allocative efficiency)
- Productive efficiency
- Allocative efficiency
- Dynamic efficiency
- X-inefficiency
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£2.50