Economic efficiency - short answer
Economic efficiency in perfect competition and monopoly
Explain the differences between allocative and productive efficiency.
Why does perfect competition give efficient allocation of resources?
What cannot be available in a perfectly competitive industry?
Why, in spite of an efficient allocation of resources, may perfect competition not be a good thing for the consumer?
Explain the differences between static and dynamic efficiency.
Explain the differences between competitive and concentrated markets.
What is meant by economic efficiency?
Can monopolies ever be efficient?