Mathematics, 23.04.2021 15:40 1020lakyn
Explain what means that a resource allocation is efficient and describe the (marginal) conditions that such allocation will satisfy. Also define the concept of perfectly competitive equilibrium and explain why, in principle, such market outcome should be expected to be efficient. Define the concepts of total surplus value, consumers' and producers' surplus, total and marginal benefit, total and marginal cost, supply, demand and competitive equilibrium as part of your answer.
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Explain what means that a resource allocation is efficient and describe the (marginal) conditions th...
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