ECON 111 Chapter Notes - Chapter 12: Bachelor Of Applied Science, Pearson Education, Fixed Cost

• School: Queen's University
• Department: Economics
• Course: ECON 111
• Professor: Xiaoran (Sheldon) Guo

Document Summary

Ragan, microeconomics, 15th canadian edition, toronto: pearson canada inc. , The material in this document is taken from the mentioned source and should be used for reference only. The document compiler cannot assure 100% accuracy as there may be errors present in this document. The mentioned source should be used if there is any doubt on information accuracy. In addition, without permission from the owners (direct or indirect), the material in this document cannot be reproduced. Productive efficiency and the production possibilities boundary 2. Allocative efficiency and the production possibilities boundary 3. The allocative efficiency of perfect competition revisited 5. The allocative inefficiency of monopoly revisited 5. 12. 2: economic regulation to promote efficiency 6. Short-run price and output 7: marginal-cost pricing 7, two-part tariff 7, average-cost pricing 7. First, a recapitulation of all the market structures studied. 12. 1: productive and allocative efficiency: resources may be used inefficiently even when they are fully employed.