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Ecn 104 midterm exam - Study guides, Class notes & Summaries

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ECN 104 Midterm Exam 2024 with Complete Solutions

  • ECN 104 Midterm Exam 2024 with Complete Solutions

  • Exam (elaborations) • 6 pages • 2024
  • ECN 104 Midterm Exam 2024 with Complete Solutions Rationing function of prices - Answer- The ability of competitive forces of supply and demand to establish a price at which selling and buying are consistent. Productive Efficiency - Answer- Producing the right amount of goods, and the lowest cost, with the best technology. Allocative Efficency - Answer- Producing the right amount of each product as per market demand. Price Ceiling - Answer- The maximum legal amount that that a seller m...
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