Allocative efficiency (origin of the idea)
First: enter this in the link bar:
Then on the right hand side click for either ch 9 or 10 , it will automatically bring you to the module
After completing your readings in the text go to the Online Learning Center and examine the interactive graphs for each chapter. Upload to the Week 4 Dropbox your answers, in your own words, to the following:
Using the Chapter 9 “Origin of the Idea,” identify who gave us the concept of “allocative efficiency” and explain what that phrase means in your own words.
Explain how a firm in Pure Competition determines how much to produce and how long run equilibrium is affected by the long run cost structure in such an industry.
Using the “Monopoly” model found in the Chapter 10 “Origin of Idea” module, explain why a monopoly will never operate in the inelastic portion of the demand curve?
What are the underlying purposes of the antitrust policy in the United States? These concepts are discussed in the textbook reading for this week.