Examlex
The fact that children from Asian countries frequently perform better on mathematical tests in comparison to English-speaking children is evidence in support of which of the following?
Allocative Efficiency
A state of resource utilization where the distribution of goods and services is optimized to meet consumer preferences and maximize overall welfare.
Productive Efficiency
The scenario in which a good or service is produced at the lowest possible cost, utilizing resources and technologies in the most efficient manner.
Long-Run Equilibrium
A state in which all firms in an industry achieve zero economic profit, resulting in market stability over time.
Diseconomies of Scale
The situation when a firm’s average total cost of producing a product increases in the long run as the firm increases the size of its plant (and, hence, its output).
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