Author:
Kilmer Richard L.,Armbruster Walter J.
Abstract
An economically efficient allocation of resources maximizes consumer and producer surpluses. It can be shown that under perfectly competitive conditions, an efficient allocation of resources will evolve. It may be the global welfare optimum, but for a given set of conditions, consumer and producer surpluses can be maximized.
Publisher
Cambridge University Press (CUP)
Subject
Economics and Econometrics,Agricultural and Biological Sciences (miscellaneous)
Cited by
3 articles.
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