Cambridge International AS & A Level Economics (9708)
1. Basic economic ideas and resource allocation
2. The price system and the microeconomy
3. Government microeconomy intervention
4. The Macroeconomy
5. Government macroeconomic intervention
6. International economic issues
7. The price system and the microeconomy
7.1 Utility
7.2 Indifference curves and budget lines
7.3 Efficiency and market failure
7.4 Private costs and benefits, externalities and social costs and benefits
7.5 Types of cost, revenue and profit, short-run and long-run production
7.6 Different market structures
7.7 Growth and survival of firms
7.8 Differing objectives and policies of firms
8. Government microeconomic intervention
9. The macroeconomy
10. Government macroeconomic intervention
11. International economic issues
Mastery/A-Level CAIE Economics/7. The price system and the microeconomy/7.3 Efficiency and market failure

7.3 Efficiency and market failure

Name

7.3.1—Productive and allocative efficiency

7.3.2—Efficiency conditions

7.3.3—Pareto optimality

7.3.4—Dynamic efficiency

7.3.5—Market failure

7.3.6—Reasons for market failure

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7.3 Efficiency and market failure