Perfect competition guarantees technical efficiency.

Using the 'economic efficiency rule', is perfect competition efficient?

Using the 'economic efficiency rule', is perfect competition efficient?

1. Perfect competition results in productive efficiency and allocative efficiency, while monopolistic competition results in ________....

1. Perfect competition results in productive efficiency and allocative efficiency, while monopolistic competition results in ________. A. allocative efficiency, but not productive efficiency. B. productive efficiency, but not allocative efficiency. C. both allocative and productive efficiency. D. neither allocative nor productive efficiency. 2. Which best describes an oligopoly? A. Firms operate without regard to the behavior of competing firms. B. Firms face perfectly elastic demand curves. C. Firms must make decisions based on the behavior or expected behavior of their...

Explain why perfect competition results in economic efficiency. Does a monopoly result in economic efficiency?

Explain why perfect competition results in economic efficiency. Does a monopoly result in economic efficiency?

Do you agree that companies under perfect competition as well as monopoly are enjoying productive efficiency...

Do you agree that companies under perfect competition as well as monopoly are enjoying productive efficiency and allocative efficiency? what is condition for productive efficiency and allocative efficiency? Would be greatly appreciated if answer is in 5sentences and by your own, thank you.

Explain and support graphically that society can reach allocative and technical efficiency without international trade (autarky).  Yet,...

Explain and support graphically that society can reach allocative and technical efficiency without international trade (autarky).  Yet, international trade can help raise overall well being if international relative price is different from the autarky price (this answer should use the graph with PPC, utility analysis and perfect competition blended together).

a) Using are diagram , show the difference between a perfect competition market and a monopoly...

a) Using are diagram , show the difference between a perfect competition market and a monopoly competition market over the Long term. b) Using the information in the diagram in (a) Analyze the 5 differences that exist between a perfect competitive market and a monopoly market according to the following characteristics: 1) Price 2) Quantity 3) Good luck 4) Production efficiency 5) Efficiency of resource allocation (Please use a curve to explain)

What is Technical efficiency in globalization ?

What is Technical efficiency in globalization ?

Compared to perfect competition a monopoly produces output which is: 1.equal to perfect competition 2.more than...

Compared to perfect competition a monopoly produces output which is: 1.equal to perfect competition 2.more than perfect competition 3.less than perfect competition 4.none of the above Suppose a firm has hired 10 workers and together they produce 1000 units. When they increase their number of hires to 20, their production rises to 1800. What is the marginal productivity of labor at this point? 1. 90 units. 2. 85 units. 3. 80 units. 4. 20 units.

In the long run: firms in both monopolistic competition and competition achieve allocative efficiency but not...

In the long run: firms in both monopolistic competition and competition achieve allocative efficiency but not productive efficiency. only firms in a competitive market achieve both allocative and productive efficiency. only firms in monopolistic competition achieve both allocative and productive efficiency. neither competition nor monopolistic competition achieves allocative efficiency.

Firms under monopolistic competition are allocative inefficient whereas firms under perfect competition are. Explain the rationale...

Firms under monopolistic competition are allocative inefficient whereas firms under perfect competition are. Explain the rationale for markets to emulate conditions of perfect competition