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Author Question: When economists describe a market for a specific product as being economically "efficient," what do they mean? (Read 59 times)

Tiffanyanne824

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on: Oct 12, 2022
When economists describe a market for a specific product as being economically "efficient," what do they mean?
◦ Consumption of the product is such that economic surplus is maximized.
◦ Production techniques are such that resources are used in the most technologically efficient manner.
◦ There are no price controls in place in that market.
◦ The quantity of the product produced and consumed is such that the economic surplus is maximized.
◦ Production of the product is such that economic surplus is maximized.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by Tiffanyanne824 on Oct 12, 2022

annaelena92

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Tiffanyanne824

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Reply 2 on: Oct 12, 2022
:D TYSM

Sarahjh

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Reply 3 on: Yesterday
Excellent

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