Homework Answers
5. Correct answer is : option C.
Perfect competition is a price taker and there is free entry and exit. In the short run it is possible that a firm may have abnormal profit or a loss but as loss making firms exit and looking at abnormal profits new firms enter.
All these make sure that firm has productive efficiency when P= Minimum of Average total cost
and also allocative efficiency, P= Marginal cost
P= Price.
Hence both productive and allocative efficiencies are possible only in perfect competition.
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5. In perfect competition, a. Allocative efficiency holds and productive efficiency does not hold. b. Allocative...
Perfect competition results in productive efficiency and allocative efficiency, while monopolistic competition results in ________. a....
Perfect competition results in productive efficiency and allocative efficiency, while monopolistic competition results in ________. a. both allocative and productive efficiency b. allocative efficiency, but not productive efficiency c. productive efficiency, but not allocative efficiency d. neither allocative nor productive efficiency
Summarize how market equilibrium in perfect competition results in productive efficiency and allocative efficiency.
Summarize how market equilibrium in perfect competition results in productive efficiency and allocative efficiency.
Chapter 13—Monopoly and Antitrust Laws Complete the statement on allocative and productive efficiency. Perfect competition achieves...
Chapter 13—Monopoly and Antitrust Laws Complete the statement on allocative and productive efficiency. Perfect competition achieves allocative efficiency because the market price is and productive efficiency because firms produce in a perfectly competitive outcome. A monopoly outcome usually fails to be allocatively efficient because the market price is and usually fails to reach productive efficiency because the monopolist produces in a monopoly outcome.
Does the monopolistically-competitive firm achieve productive and allocative efficiency in the long run? How does this...
Does the monopolistically-competitive firm achieve productive and allocative efficiency in the long run? How does this affect consumers in the market? How might this be different from perfect competition in the long run?
H) Do you agree that companies under perfect competition as well as monopoly are enjoying productive...
H) 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.
please make at least 5 sentences. Q 5) Do you agree that companies under perfect competition...
please make at least 5 sentences.
Q 5) 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? (2 points)
Which of the following statements is correct, for sure? A. Perfect competition always leads to allocative...
Which of the following statements is correct, for sure? A. Perfect competition always leads to allocative efficiency. B. Monopoly power always results in allocative inefficiency. C. A negative production externality always results in allocative inefficiency. D. A positive consumption externality always results in allocative efficiency. E. None of the above.
3) In this class we have discussed two types of efficiency: allocative efficiency and productive efficiency....
3) In this class we have discussed two types of efficiency: allocative efficiency and productive efficiency. This question is intended to explore those concepts more deeply. Assume the market for milk is a perfectly competitive market. Briefly explain the meaning of allocative efficiency in this market. a. b. Briefly explain the meaning of productive efficiency in this market. Is there any other important gain or cost to society caused by the dairy market that is not C. included in our...
Different market structures are at different levels of competition and create different levels of allocative and...
Different market structures are at different levels of competition and create different levels of allocative and productive efficiency. Describe the relationship between the level of competition and the level of efficiency. It’s a direct relationship. It’s an indirect relationship. There’s no relationship; each case is different It’s direct when comparing perfect competition and oligopoly, but indirect when comparing perfect competition and monopoly. None of the above.
Economist like purely competitive markets because they result in A. allocative efficiency only B. economic efficiency...
Economist like purely competitive markets because they result in A. allocative efficiency only B. economic efficiency only C. prodyctive and allocative efficiency D. productive effiency only
Chapter 13—Monopoly and Antitrust Laws Complete the statement on allocative and productive efficiency. Perfect competition achieves allocative efficiency because the market price is and productive efficiency because firms produce in a perfectly competitive outcome. A monopoly outcome usually fails to be allocatively efficient because the market price is and usually fails to reach productive efficiency because the monopolist produces in a monopoly outcome.
please make at least 5 sentences.
Q 5) 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? (2 points)
3) In this class we have discussed two types of efficiency: allocative efficiency and productive efficiency. This question is intended to explore those concepts more deeply. Assume the market for milk is a perfectly competitive market. Briefly explain the meaning of allocative efficiency in this market. a. b. Briefly explain the meaning of productive efficiency in this market. Is there any other important gain or cost to society caused by the dairy market that is not C. included in our...
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