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© 2009 Pearson Education, Inc. Publishing as Prentice Hall   Principles of Economics 9e by Case, Fair and Oster

REVIEW TERMS AND CONCEPTS

efficiency

externality

general equilibrium

imperfect competition

imperfect information

market failure

monopoly

Pareto efficiency, or Pareto optimality

partial equilibrium analysis

private goods

public goods, or social goods

Key efficiency condition in perfect competition:  PX = MCX

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