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152) What is meant by productive efficiency? How does a perfectly competitive firm achieve productive efficiency?Diff: 2Page Ref: 418/418Topic: Productive EfficiencyLearning Outcome: Micro 19: Explain the concept of efficiency in the economy and obstacles to achieving itAACSB: Reflective Thinking48
153) Using two graphs, illustrate how a positive technological change in the market for notebook computers couldeliminate short-run economic profit for a firm in that market. On the first graph, use a supply and demandgraph to illustrate the positive technological change. On the second graph, use demand,ATC,MCandMRcurves to illustrate the elimination of economic profit resulting from the positive technological change. Explainwhat is taking place in each graph.Diff: 2Page Ref: 418-419/418-419Topic: Productive EfficiencyLearning Outcome: Micro 13: Explain the relationship between production and profits under perfect competitionAACSB: Reflective Thinking49
ExamName___________________________________MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.