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The Two Efficiencies Included at the Point of Achieving Total

question 72

Multiple Choice

The two efficiencies included at the point of achieving total efficiency are:


Definitions:

Supply Elasticity

A measure of how much the quantity supplied of a good changes in response to a change in its price.

Buying Price

The cost at which an individual or organization is able to purchase a good, service, or asset.

Oligopsony

Market with only a few buyers.

Buying Price

The price at which a good or service is purchased by a consumer or another business.

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