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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?