1. Which one of these should increase allocative efficiency?
- Increased competition
- Increased market share for a firm
- Increased hit and run competition
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2. What is productive efficiency?
- Productive efficiency is where firms are maximising output from given inputs.
- Productive efficiency is when scarce resources are used in a way that maximises consumer satisfaction.
- Productive efficiency is where firms are operating at the lowest point on the MR curve
3. What is static efficiency?
- Static efficiency occurs in a single time period e.g. efficiency now
- Static efficiency occurs over time
4. Where does productive efficiency occur?
5. What is research and development?
- Research and development is the creative work undertaken to apply scientific and technological innovations to products and processes.
- Research and development is improvements in products, processes and productivity over time by exploiting economies of scale or successful investment in research and development. In short, efficiency over time.
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