Principles of Microeconomics
8th Edition
ISBN: 9781337470384
Author: N. Gregory Mankiw
Publisher: Cengage Learning US
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Chapter 7, Problem 4QR
To determine
The economic efficiency.
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What is efficiency in economics?
What are three reasons that a government might want to intervene in markets?
When does inefficiency exist in an economy?
when a good is distributed fairly among buyers
when a good is not distributed fairly among buyers
when a good is not being produced by the lowest-cost producers
when a good is being consumed by buyers who value it most highly
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