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Distinguish between negative reinforcement, punishment, and extinction. Give examples for each.
Productive Efficiency
A situation where goods and services are produced at the lowest possible cost and resources are utilized most effectively.
Allocative Efficiency
A state of resource allocation where goods and services are distributed according to consumer preferences and in a way that maximizes social welfare.
Marginal Cost
The uptick in cost associated with producing an extra unit of a product or service.
Allocative Efficiency
A state of the economy in which production represents consumer preferences; in other words, every good or service is produced up to the point where the last unit provides a benefit to consumers exactly equal to the cost of producing it.
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