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Flashcards·7.3.2 conditions for productive efficiency and allocative efficiency
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Card 1 of 25

What does marginal cost measure?

A

Average cost is total cost divided by quantity produced.

B

Fixed cost is the cost that changes when one more unit is produced.

C

Marginal revenue is the addition to total revenue from selling one more unit.

D

Marginal cost is the addition to total cost from producing one more unit.

Card 1 of 25

7.3.2 conditions for productive efficiency and allocative efficiency Flashcards

  1. Intl A Level
  2. /Economics
  3. /7.3.2 conditions for productive efficiency and allocative efficiency

25 flashcards on CIE Intl A Level Economics 7.3.2 conditions for productive efficiency and allocative efficiency: the key terms and definitions you need to recall.

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