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12.2 How a profit-maximizing monopoly chooses output and price  (Page 23/24)

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  • Card 23 / 24:
    allocative efficiency

    producing the optimal quantity of some output; the quantity where the marginal benefit to society of one more unit just equals the marginal cost

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Practice FlashCards 14 Key Terms 2

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Source:  OpenStax, Openstax microeconomics in ten weeks. OpenStax CNX. Sep 03, 2014 Download for free at http://legacy.cnx.org/content/col11703/1.2
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