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lythong266 lythong266
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A year ago
Consider the efficiency of various market structures. In the absence of other market failures, allocative efficiency is achieved only under perfect competition because only this market structure results in

▸ P = MC.

▸ zero long-run profits.

▸ complete freedom of entry and exit.

▸ productive efficiency.

▸ maximization of profits through competition.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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rainbow12rainbow12
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A year ago
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