4.1.5.10 Market structure, static eff., dynamic eff. etc
Authored by James Hannaford
Social Studies
Professional Development
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What describes the level of efficiency at one point in time?
Dynamic efficiency
X-inefficiency
Static efficiency
Allocative efficiency
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which efficiency is concerned with new technology and increases in productivity over time?
Dynamic efficiency
X-inefficiency
Productive efficiency
Static efficiency
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What occurs when firms minimize their average total costs?
Dynamic efficiency
Allocative efficiency
Productive efficiency
X-inefficiency
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a perfectly competitive market, when does productive efficiency occur?
When there is no competition
When MC > MR
When MC = MR
When MR > MC
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does allocative efficiency maximize?
Market share
Production costs
Consumer utility
Total revenue
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which market condition leads to allocative efficiency?
Monopolistic competition
Perfect competition
Oligopoly
Monopoly
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is NOT a cause of x-inefficiency?
Organizational slack
Effective management
Laziness
Poor management
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