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- Allocative_efficiency abstract "Allocative efficiency is a type of economic efficiency in which economy/producers produce only those types of goods and services that are more desirable in the society and also in high demand. According to the formula the point of allocative efficiency is a point where price is equal to marginal cost (P=MC)or (MC=MR). At this point the social surplus is maximized with no deadweight loss, or the value society puts on that level of output produced minus the value of resources used to achieve that level, yet can be applied to other things such as level of pollution. Free markets under perfect competition generally are allocatively efficient, yet are not for the cases of monopoly, monopsony, externalities, and public goods which construe market failure, or price controls which construe government failure in addition to taxation. Allocative efficiency is the main tool of welfare analysis to measure the impact of markets and public policy upon society and subgroups being made better or worse off.Although there are different standards of evaluation for the concept of allocative efficiency, the basic principle asserts that in any economic system, choices in resource allocation produce both "winners" and "losers" relative to the choice being evaluated. The principles of rational choice, individual maximization, utilitarianism and market theory further suppose that the outcomes for winners and losers can be identified, compared and measured.Under these basic premises, the goal of maximizing allocative efficiency can be defined according to some neutral principle where some allocations are objectively better than others. For example, an economist might say that a change in policy increases allocative efficiency as long as those who benefit from the change (winners) gain more than the losers lose.".
- Allocative_efficiency wikiPageID "478097".
- Allocative_efficiency wikiPageRevisionID "596026259".
- Allocative_efficiency hasPhotoCollection Allocative_efficiency.
- Allocative_efficiency subject Category:Economic_efficiency.
- Allocative_efficiency subject Category:Price_controls.
- Allocative_efficiency comment "Allocative efficiency is a type of economic efficiency in which economy/producers produce only those types of goods and services that are more desirable in the society and also in high demand. According to the formula the point of allocative efficiency is a point where price is equal to marginal cost (P=MC)or (MC=MR).".
- Allocative_efficiency label "Allocative efficiency".
- Allocative_efficiency label "Eficiencia asignativa".
- Allocative_efficiency sameAs Eficiencia_asignativa.
- Allocative_efficiency sameAs m.02fb7y.
- Allocative_efficiency sameAs Q4175604.
- Allocative_efficiency sameAs Q4175604.
- Allocative_efficiency wasDerivedFrom Allocative_efficiency?oldid=596026259.
- Allocative_efficiency isPrimaryTopicOf Allocative_efficiency.