Efficiency - Micro

Question 1

Where is x efficiency on a graph?

Answer 1

When costs are on the AC curve

Question 2

Where is dynamic efficiency on a graph

Answer 2

Where there is supernormal profits

Question 3

Where is allocative efficiency on a graph

Answer 3

Where P=MC
Value of good=Value of producing it

Question 4

Where is productive efficiency on a graph

Answer 4

MC=AC
Producing at lowest point on AC curve