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Topic 3. X-inefficiency 3.

This is what is discussed when economists talk about and analyse economic efficiency Allocative Productive Dynamic Social 4. A firm is productively efficient when it is operating at the lowest point on its average cost curve i. Smaller disruptive businesses often challenge existing firms with market power! Catalogo las patojas

Key Concepts — Innovation in Markets Cost-reducing innovation Cost reducing innovations causing an outward shift in supply. They allow businesses to enjoy higher profit margins with a given level of demand Creative destruction First introduced economist Joseph Schumpeter. It refers to Catalogo las patojas dynamic effects of Catalogo las patojas — with new products or business models, some Phim set pron are lost but new ones are created.