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ALLOCATIVE EFFICIENCY: Obtaining the most consumer satisfaction from available resources. Allocative efficiency means that our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources -- that is, of addressing the problem of scarcity.

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Lesson 11: Elasticity Basics | Unit 1: The Concept Page: 1 of 25

Topic: Stretchability <=PAGE BACK | PAGE NEXT=>

  • The notion of stretchability is extremely important for the analysis of the market.

  • The quantities of a good demanded and supplied are stretchable, with price being the instigating force.

  • A better understanding of this stretchability concept might be useful.

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SUPPLY TO A FIRM

The range of quantities of a factor that a firm is able to buy at a range of factor prices. Supply to a firm is a phrase that is most relevant to the study of factor markets, especially when contrasted with supply by a firm. Supply to a firm puts the firm on the buying side of the factor market. Supply by a firm puts the firm on the selling side of the factor market.

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Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for rusty deck screws.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"Plans are only good intentions unless they immediately degenerate into hard work."

-- Peter Drucker, management consultant

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