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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Productive efficiency and allocative efficiency are two concepts achieved in the long mm in a perfectly competitive market. These are the two reasons why we call them “perfect.” How would you use these two concepts to analyze other market structures and label them “imperfect?”

To determine

Productive and Allocative efficiency in imperfect markets.

Explanation

Productive efficiency and allocative efficiency are two concepts achieved in the long run in a perfectly competitive market, and two of the reasons why we consider the market “perfect”, due to the fact that there is productive efficiency where all the resources are fully utilized and all the goods produced are as per what the consumers’ desire. In perfect competition, the marginal cost, marginal revenues and average revenue which is equal to price...

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