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Title: When economists describe a market for a specific product as being economically "efficient," what ... Post by: jake82 on Sep 26, 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. Title: When economists describe a market for a specific product as being economically "efficient," what ... Post by: hamusa4 on Sep 26, 2022 Content hidden
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