Explain production possibility curve & competitive firm’s , Macroeconomics

(a)   Explain the meaning of efficiency in economics and use a sketch diagram to illustrate its attainment by reference to the Production Possibility Curve.  

(b)  Refer to the concepts of allocative efficiency, productive efficiency and dynamic efficiency to explain how a perfectly competitive market allocates resources to achieve the maximum satisfaction of material wants. Use a diagram to illustrate a perfectly competitive firm's long-run equilibrium.

(c)   Referring to the same three concepts of efficiency, explain why a monopoly market structure is often regarded as less efficient than a perfectly competitive market.  Use a diagram to illustrate your answer.


Posted Date: 2/14/2013 7:41:09 AM | Location : United States

Related Discussions:- Explain production possibility curve & competitive firm’s , Assignment Help, Ask Question on Explain production possibility curve & competitive firm’s , Get Answer, Expert's Help, Explain production possibility curve & competitive firm’s Discussions

Write discussion on Explain production possibility curve & competitive firm’s
Your posts are moderated
Related Questions
As people went from barter societies to more advanced economies, money had to be invented. Several things successively served as money in the course of economic evolution. Arrowhea

The Russ College of Engineering and Technology of Ohio University announced in a press conference that it had found "rampant and flagrant plagiarism" in the theses of mechanical en

Newspaper vending machines are designed so that once you have paid for one paper; you have access to all the papers in the machine and could take multiple papers at a time. However

discus the various measures that may be taken by a firm to counteract the evil effect of a trade cycle

Q. Define do you mean by GDP growth? By (nominal) GDP-growth we mean the percentage change in (nominal) GDP over a specific period of time. Real GDP growth is defined as percen

#qDiscuss the functions of money Illustrate your answeruestion..

Explain which of the two strategies is most likely to lead to development. Empirically, it seems rather evident that export-orientation has been more successful than import-sub

Q. What is Keynesian model? Keynesian model is slightly more complicated than the classic model and it is developed in four stages by analysing four separate models. Every mode

what are the advantages and disadvantages of unemployment

why is credit multiplier lower than money multiplier