X - Inefficiency
978-613-0-40586-1
6130405863
72
2010-06-30
29.00 €
eng
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. X-inefficiency is the difference between efficient behavior of firms assumed or implied by economic theory and their observed behavior in practice. Economic theory assumes that the management of firms act to maximize owners' wealth by minimizing risk and maximizing economic profits -- which is accomplished by simultaneously maximizing revenues and minimizing costs, usually through the adjustment of output. In perfect competition, the free entry and exit of firms tends toward firms producing at the point where price equals long run average costs and long run average costs are minimized. Thus firms earn zero economic profits and consumers pay a price equal to the marginal cost of producing the good. This result defines economic efficiency or, more precisely, allocative economic efficiency.
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