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Economics (AS & A Level) · May / June 2023 · Paper 31 · Question 4

9708Efficiency and market failure

Which type of efficiency is shown by the shift from long-run average cost curve 1 (LRAC₁) to long-run average cost curve 2 (LRAC₂)?

  1. Aallocative
  2. Bdynamic
  3. CPareto
  4. Dproductive

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Correct answer: B. dynamic

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