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4.1.5.10 Market structure, static eff., dynamic eff. etc

Authored by James Hannaford

Social Studies

Professional Development

Used 3+ times

4.1.5.10 Market structure, static eff., dynamic eff. etc
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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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