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shopaka12 shopaka12
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A year ago
In the absence of other market failures, allocative efficiency is achieved in a perfectly competitive industry because

▸ firms do not need to maximize profits.

▸ the industry produces a level of output such that the marginal cost to producers equals the marginal benefit to consumers.

▸ the industry produces a level of output such that there are increasing returns to scale.

▸ there are barriers to entry.

▸ the industry produces a level of output such that the marginal cost of production is minimized.
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Microeconomics

Microeconomics


Edition: 17th
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lewmyrlewmyr
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A year ago
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shopaka12 Author
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A year ago
Thank you, thank you, thank you!
MLynneMcMillan
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Yesterday
This helped my grade so much Perfect
aricketts6@
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2 hours ago
this is exactly what I needed
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