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

12

PART II   THE MARKET SYSTEM

General Equilibrium Analysis

A Technological Advance:  The Electronic  Calculator

Market Adjustment to Changes in Demand

Formal Proof of a General Competitive Equilibrium

Allocative Efficiency and Competitive Equilibrium

Pareto Efficiency

The Efficiency of Perfect Competition

Perfect Competition versus Real Markets

The Sources of Market Failure

Imperfect Markets

Public Goods

Externalities

Imperfect Information

Evaluating the Market Mechanism

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