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Suppose there currently is an inflationary gap. What could the government do to bring prices down?
Productive Efficiency
Productive efficiency occurs when an economy or entity produces goods and services at the lowest possible cost, utilizing all available resources without waste.
MB = MC
The principle that optimal decision-making is achieved when the marginal benefit equals the marginal cost.
Unintended Consequences
Outcomes of a policy or action that were not foreseen or intended, often contrary to the original objectives.
Allocating Resources
The process of distributing available resources among various competing needs or projects in an efficient manner.
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