b) In market structures

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Last updated 7:37 PM on 6/28/26
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4 Terms

1
New cards

  • show the cost/revenue graph for a firm in perfect competition

knowt flashcard image
2
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  • state the efficiencies experienced by a firm in perfect competition

    • state why

  • state the inefficiencies experienced by a firm in perfect competition

    • state why

  • allocative efficiency

    • MC = AR at the output level

  • productive efficiency

    • MC = AC at the output level

  • x-efficiency

    • high competition

  • dynamic inefficiency

    • lack of supernormal profit

3
New cards

  • show the cost/revenue graph for a firm in imperfect competition

knowt flashcard image
4
New cards

  • state the inefficiencies experienced by a firm in imperfect competition

    • state why

  • state the efficiencies experienced by a firm in imperfect competition

    • state why

  • allocative inefficiency

    • MC < AR at the output level

  • productive inefficiency

    • MC < AC at the output level

  • x-inefficiency

    • lack of competition

  • dynamically efficient

    • supernormal profit