b) In market structures

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Last updated 6:12 PM on 4/20/26
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4 Terms

1
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  • show the cost/revenue graph for a firm in perfect competition

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2
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  • state the efficiencies 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

3
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  • show the cost/revenue graph for a firm in imperfect competition

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4
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  • state the inefficiencies experienced by a firm in imperfect competition

  • 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

  • dynamically efficient → supernormal profit