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The economy achieves optimal allocation of resources when productive and allocative efficiency are attained: · Productive efficiency occurs when products are made using the least poss...
The demand curve slopes downwards due to the idea of diminishing marginal utility. This is the idea that the consumer receives less additional utility for each extra unit of the good consumed.The substitu...
Assuming the goods are normal, and not inferior or a luxury good, and demand and supply is elastic, If the market price of a good is above the equilibrium price- the value set by the intersection of deman...
Allocative efficiency refers to when the bundle of goods being produced is an efficient bundle. Hence, if allocative efficiency is not being achieved then resources can be reallocated to produce a differe...
A public good is a good that is non excludable and non rivalrous. Non excludable means that anyone can use it; the benefits are not limited to just those who paid for it. Non-Rivalrous means that consumpt...
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