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In the absence of other market failures, allocative efficiency is achieved in a perfectly ...

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In the absence of other market failures, allocative efficiency is achieved in a perfectly ...

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

Edition: 17^th

Author: Ragan

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Thank you, thank you, thank you!

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