Economic efficiency - short answer
Economic efficiency in perfect competition and monopoly
Question 1
Explain the differences between allocative and productive efficiency.
Question 2
Why does perfect competition give efficient allocation of resources?
Question 3
What cannot be available in a perfectly competitive industry?
Question 4
Why, in spite of an efficient allocation of resources, may perfect competition not be a good thing for the consumer?
Question 5
Explain the differences between static and dynamic efficiency.
Question 6
Explain the differences between competitive and concentrated markets.
Question 7
What is meant by economic efficiency?
Question 8
Can monopolies ever be efficient?