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Earn +20 ptsQ: Difference between technical efficiency and economic efficiency?
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What is the difference between allocative and technical efficiency?
no difference
What are the differences between technical efficiency and economic efficiency?
•Technical efficiency. A firm (or industry) products at lowest point where AC crosses MC.•Allocativeefficiency. P = MC = MR. Satisfaction is represented by demand curve. DD = SS. Equilibrium.
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